As housing supply ramps up in spring, we’ve seen property values inch higher nationally, but growth has slowed.
With prices coming down in four capital cities during the September quarter – Melbourne, Canberra, Hobart and Darwin – savvy property hunters will no doubt be on the lookout for a bargain.
And with the flow of new listings coming onto the market tracking 3.2% higher than a year ago nationally, there may be plenty of properties to choose from.
Home value movements
National dwelling prices increased 0.4% in the first month of spring, and 1% in the September quarter – the lowest rise in CoreLogic’s national Home Value Index (HVI) over a rolling three-month period since March 2023. Having said that over the last 12 months the picture is a little different. House prices in Perth (23.9%), in Brisbane (13.5%), Adelaide (15%) and Sydney (4%) with only Melbourne seeing house prices fall (1.7%).
New listings are up this spring – tracking 8.8% higher than the previous five-year average for this time of the year.
“The rise in real estate inventory is a seasonal trend, with spring and early summer one of the busiest periods of the year for selling,” CoreLogic research director Tim Lawless said.
“However, the flow of freshly advertised housing stock hasn’t been this high at this time of the year since 2021.”
Meanwhile, auction clearance rates have cooled to the low 60% range across the capital cities, while homes sold by private treaty are staying on the market longer.
| All dwellings | Auctions | Clearance Rate | Private Sale | Monthly home values change |
|---|---|---|---|---|
| VIC | 247 | 55% | 1200 | ▼ – 0.1% |
| NSW | 1586 | 54% | 1785 | ▲ 0.3% |
| ACT | 137 | 52% | 97 | ▼ – 0.3% |
| QLD | 249 | 38% | 1224 | ▲ 0.9% |
| WA | 11 | 18% | 570 | ▲ 1.6% |
| NT | 1 | -% | 29 | ▲ 0.1% |
| TAS | 2 | -% | 134 | â–ĽÂ -0.4% |
| SA | 139 | 73% | 284 | ▲ 1.3% |
* Australian auction results, clearance rates and recent sales for the week ending 29 September 2024
* The clearance rate is preliminary and current as of 10:30 am, 3 October 2024
Conditions are largely favouring buyers at the moment, so if you’re looking to get into the market, now could be a good time to jump in.
Make sure you get your finance pre-approved with us so that you can dive in with confidence when you do find the property you’re looking for.
Additional sources
CoreLogic RP Data Daily Home Value Index: Monthly Values
https://www.corelogic.com.au/our-data/auction-results
https://www.realestate.com.au/auction-results/
