CoreLogic reported a further fall in housing values through the first month of spring, with the national Home Value Index (HVI) recording a -1.4% decline in September.
Leading national property analytics and negotiations company, Hello Haus, have identified the top five reasons finance-approved buyers aren’t purchasing the property they want more quickly.
As the property downturn spreads across more Australian housing markets, both buyer and seller activity has softened.
After a disconnect between buyers and sellers last month, it appears that both parties have made peace with the market with the auction clearance rate improving over August, according to the latest Apollo Auctions Auction Report.
CoreLogic’s national Home Value Index (HVI) recorded a fourth consecutive month of decline in August, with the downturn accelerating and becoming more geographically broad-based. Down -1.6% over the month, the national index recorded the largest month-on-month decline since 1983.
With national dwelling values falling for the third consecutive month, selling conditions across Australia’s unit markets have continued to weaken.
After COVID lockdowns fuelled record-breaking growth rates among many of Australia’s regional lifestyle areas, NSW and Queensland’s beach and country hot spots have been the first to register a quarterly fall in house values.
New exclusive industry research has found that rents have grown at only half the rate of inflation for more than a decade ¬– even after allowing for the past year’s rent increases and the current inflation spikes.
A fear of over-paying, coupled with vendors who still think it’s last year, are starting to impact auction markets, but the overall clearance rate remains firm, according to the latest Apollo Auctions Auction Report.
Australian dwelling values fell by -1.3% in July, marking the third consecutive month CoreLogic’s national Home Value Index has fallen.