[ad_1]
2023 is ending with increasingly diverse housing conditions.
While our national Home Value Index reached a nominal recovery in November, the market from city to city and region to region is moving at very different speeds.
The 0.6% rise in the national index in November was the smallest monthly gain since the growth cycle commenced in February, however, it was enough to push the index to new record highs.
Brisbane remains one of the strongest capital city housing markets, with dwelling values rising consistently at more than 1% month on month since May.
The market recovered in October from an 8.9% drop in values through the downturn, with the latest November update taking the cumulative growth trend since January’s trough to 12.2%.
Advertised stock levels remained 35% below the 5-year average in late November, while from a demand-side the estimated volume of home sales is trending almost 5% above average levels.
House values are showing a slightly stronger rate of appreciation through the upswing, rising 12.5% since the market bottomed out, compared with an 11.3% rise in unit values.
The rise in advertised stock levels has played a key role in slowing housing market conditions in some cities.
Vendor activity started to rise through early winter, which is seasonally unusual, following an extended period where new listings consistently tracked at below-average levels.
The persistent lift in selling activity since June has coincided with slower growth in home values.
Total stock levels have been rising since July, indicating that purchasing demand isn’t quite keeping pace with the rise in vendor activity.
Over the four weeks ending November 26th, advertised stock levels were above the previous five-year average in Hobart, Canberra, Melbourne, and Sydney.
In these cities, market conditions are now in favour of buyers, as higher stock levels provide more choice, less urgency, and greater opportunities to negotiate.
The same can’t be said for Perth, Brisbane, and Adelaide, where advertised stock levels remain remarkably low.
You may also want to read:
National Housing Market Update [Video]
Perth Housing Market Update [Video]
Adelaide Housing Market Update [Video]
Sydney Housing Market Update [Video]
Melbourne Housing Market Update [Video]
[ad_2]
Source link
