Property Update - March 2024

Monthly highlights
 

• CoreLogic estimates put the combined value of residential real estate at $10.4 trillion.
  

 

• The pace of quarterly national home value growth accelerated to 1.3% over the three months to February, up from 1.0% over the three months to January.

 

• The rolling 28 day change in the combined capitals home value index was 0.6% in the 28 days ending March 8 th

 

• The rolling annual count of national sales exceeded 500,000 for the first time since Dec 22, with an estimated 500,580 sales recorded over the year to February. Annual sales activity across the combined capitals was up 6.0% compared to the year to Feb 23 and 8.2% higher than the previous 5-year average, while sales across regional markets were down - 2.1% and -3.7%, respectively.

 

• Vendor discounting rates remained relatively steady in February at -3.8%. Although up slightly from the -3.6% discounts offered over the three months to November, the median vendor discount is still well below the -4.3% discounts that were being offered this time last year.

 

• The monthly rate of national rental growth ticked higher in February (0.9%), driven by seasonal factors, including the start of the tertiary academic year, which has historically seen rental trends accelerate through the first quarter. However, a re-acceleration in house rents has also seen the annual growth trend accelerate, from a recent low of 8.1% in October to 8.5% over the year to February.

 

• Monthly dwelling approvals fell a further 1.0% in January, led by a 9.6% decline in house approvals, while the more volatile unit sector saw approvals rise 14.5% month on month. With just 7,565 detached dwellings approved, the January result was the lowest monthly count of house approvals since June 2012 (7,411) and was 23.2% below the previous decade average.

 

 

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