Monthly Highlights for December 2023
- The value of residential real estate increased to an estimated $10.3 trillion at the end of November, up from $10.2 trillion in the previous month.
- Dwelling values across the combined capitals rose 0.6% in November. Monthly growth across the capital cities has broadly eased since recording a recent high of 1.5% in May.
- The growth trajectory for housing values across the combined capitals has slowed markedly through November. This was likely a reflection of higher interest rate settings, a rise in total listings volumes, and stretched affordability.
- Perth led capital growth performance in the greater capital city markets. In the year to November, Perth home values increased 13.5%. In the three months to November, Perth home values rose 5.4%.
- Adelaide, Brisbane and Perth home values are currently at a record high.
- In the 12 months to November, CoreLogic estimates there were 479,477 sales nationally. This is -7.6% lower than the sales volume to November 2022.
- Monthly sales volumes have generally trended higher through to the end of the year, and are above the historic five-year average monthly sales volume of 40,972.
- It is taking slightly longer to sell properties across Australia than in previous months. The median selling time has reduced across the combined capitals market year-on-year, but the trend looks to be turning as market conditions soften slightly.
- Vendor discounting vastly improved for sellers throughout 2023, in line with the reduction in selling times. However, across the capital cities the rate of vendor discounting now looks to be steadying at -3.3%.Download the CoreLogic – Monthly Chart Pack December 2023 here : 202312_Monthly Chart Pack_December
Michael Buckland
Sr Leader, National Sales – Real Estate AU & NZ
CoreLogic
