Property Update - May 2024

Monthly highlights
 

• CoreLogic estimates put the combined value of residential real estate at $10.6 trillion.
  

 

• The rolling 28 day change in the combined capitals Home Value Index was 0.6% in the 28 days ending May 8th. This is up slightly from the 0.5% increase seen through much of April.

 

• In the four weeks to May 5th, new listings totaled 39,072 nationally. New listings trends have seen a slight uptick in recent weeks due in part to the earlier than usual Easter, with the four week count of new listings coming in 18.3% above this time last year and 13.7% higher than the previous five-year average.

 

• CoreLogic estimates that 38,317 homes were sold in April, taking the rolling annual count to 505,153. Compared to this time last year, annual national estimates are up 7.3%, with capital city sales volumes up 9.2% and combined regional sales up 3.9%.

 

• The 12-month change in national rental values has held relatively steady over the past three months, with rents rising 8.5% over the year to April. Underneath the headline figure, the pace of growth in regional and house rents has accelerated in recent months, while growth in unit and capital city rents has eased.

 

• National dwelling approvals rose 1.9% in March, with a 3.6% increase in house approvals outweighing the 1.8% decline recorded in unit approvals. With 12,947 dwellings approved, the March results were down 2.2% compared to this time last year and were 24.4% below the decade average.

• The RBA Board held the cash rate steady for the fourth consecutive meeting in May. However, the outlook for the cash rate is becoming increasingly uncertain.

 

 

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