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Monthly Highlights for October 2023 – Corelogic Report

•By Murtaza Bagasrawala
  • The combined value of residential real estate in Australia climbed to $10.1 trillion at the end of September, up from $10 trillion in the previous month.
  • National home values  rose 2.2% in the three months to September, down slightly from the 2.4% growth over the three months to August.
  • The upgraded Home Value Index model shows national dwelling values increased 3.9% in the year to September. The annual change in home values moved into positive territory in August.
  • The combined capital cities dwelling market value rose 0.9% in September, up from a 0.8% lift in August.
  • CoreLogic estimates there were  39,216 sales in September nationally, slightly lower than the five-year average of 40,607 per month.
  • Capital city sales totaled 24,996, which was -1.8% below the historic average. The combined regional market saw 14,220 sales in the month, trending -6.1% below the five-year average. 
  • The median amount of time it took to sell property in the September quarter was 30 days nationally, and has hovered around 30 days since the April rolling quarter. Regional Australia has seen a greater lift in time on market year-on-year, which corroborates other metrics of softer market performance in the regions in the past 12 months.
  • At the median level, vendors are now offering less of a discount on their property. The median vendor discount nationally was -3.8% in the three months to September, up from a recent low of -4.3% at the end of last year.
  • At the national level, there were 38,428 new listings observed over the four weeks to October 8, 2023. New listings are trending higher into the start of the spring selling season, and are just -3.0% lower than the historic five-year average.
  • At the national level, there were 140,524 new listings observed over the four weeks to October 8, 2023. Total listings are still trending lower than the previous five-year average due to absorption from sales at a national level. However, total listings are rising in some markets.
  • New listings are now trending higher than a year ago across five capital city markets. Total listings are accumulating in some markets, and remain higher than a year ago in Melbourne, Hobart, Canberra and some regional markets.
  • The combined capital cities clearance eased slightly through the month, averaging 65.2% in the four weeks ending 8 October. This was down from an average of 66.1% in the four weeks to 3 September.
  • Australian rent values increased 0.7% in September, taking the national annual increase to
    8.4%. Annual growth in rent values remains elevated on the previous decade average, and accelerated slightly in September.
  • Dwelling approvals jumped 7.0% in August, driven by a 8.8% lift in unit approvals and a 6.0% lift in detached house approvals. Overall, new dwelling approvals have been tracking around -21% below the decade average since the start of the year, with high interest rates, land values and construction costs contributing to subdued development application levels.
  • The Cordell Construction Cost Index (CCCI) is featured in the October ‘Chart of the Month’. The index rose 0.5% through the September 2023 quarter. The trend in the CCCI suggests growth in construction costs have now normalised.
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