How are different buyer cohorts reacting to the housing market downturn?
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As the property downturn spreads across more Australian housing markets, both buyer and seller activity has softened.
As the property downturn spreads across more Australian housing markets, both buyer and seller activity has softened.
While inflation has implications for housing demand, housing itself influences inflation. By understanding how inflation and housing fit together, the market outlook for the year ahead becomes a little clearer.
National unit values fell for the second consecutive month in June, as rising interest rates put further downward pressure on the country’s two biggest cities, Sydney and Melbourne, according to the latest CoreLogic unit market update.
Australia’s housing market downturn is gathering momentum as consecutive rate hikes, rising inflation and weaker consumer confidence places additional pressure on values.
CoreLogic’s Cordell Construction Cost Index (CCCI) for Q2 2022 showed national residential construction costs increased 10.0% over the 12 months to June 2022, the highest annual growth rate on record outside of the introduction of the GST (10.2% over the year to March 2001).
Home Value Index shows Australia’s housing downturn builds momentum in June, driven by sharper falls in Sydney and Melbourne and weakening conditions elsewhere.
CoreLogic Research team’s Monthly Chart Pack provides a detailed overview of key market metrics including the combined value of residential real estate, sales volumes and dwelling values. Catch up on everything that happened in May.
The rate of profit-making sales across the Australian property market has fallen for the first time since August 2020, providing yet another sign that there’s been a turning point in housing conditions.
In May of 2022, there were 39,790 sales estimated to have settled across Australia. While that is high for this time of year, it is 26.9% lower than in April of 2021.
Housing markets lost more steam in May as a combination of higher interest rates, rising inventory levels and lower sentiment dampened conditions.