04 Dec Property Update November 2018
Australia’s Housing Market Records the Weakest Conditions Since the Global Financial Crisis
November’s CoreLogic hedonic home value index results saw a national slip of 0.7% over the month. Sydney saw a decline by 0.14%, followed by Melbourne 1.0%. Locally there was little festive cheer as Perth’s values dropped by 0.7%.
Source: CoreLogic September Home Value Index. Index Results at November 30th
November’s result is the worse month-on-month value drop nationally since the GFC. CoreLogic head of research Tim Lawless said, “The downwards pressure on national dwelling values is largely confined to Sydney and Melbourne which together, comprise approximately 55% of the value of Australia’s housing asset class,” he said.
Perth’s November drop sees an annual decrease of 4.2%.
Rental markets continued their sluggish run in November with national rents up by only 0.7% over the past twelve months. The decade average is quite a low benchmark, with
annual rental growth of just 2.0%, however the recent rental market performance is clearly sub-par even with such a low benchmark. Across the capital cities, weekly rents were up only 0.4% over the twelve months ending November while regional rents are
up 2.0% which is spot on the long term average.
To read the full report: https://www.corelogic.com.au/sites/default/files/2018-12/CoreLogic%20home%20value%20index%20Dec%201%20FINAL.pdf