Australian residential property market takes another hit
Discounted sales and more days on market as the residential property sector responds to consecutive interest rate increases
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Properties are taking longer to sell, buyer demand is slowing and the combined value of Australia’s residential real estate fell by $100 billion over January, according to data released by CoreLogic.
Key market metrics released by the property data provider today show a national residential market in decline as the heat comes out of the residential sector. It follows the RBA decision yesterday to raise the cash rate a further 25 basis points, its ninth increase since May last year, hitting borrowers with a 3.35 percent interest rate.
CoreLogic data also revealed national home values declined over January, down a further -1.0 percent from the December drop of -1.1 percent. Sydney property values have been hardest hit, down -13.8 percent in the past year.
The median number of days a property is on the market increased over the three months to January, up from a low of 20 days in November 2021 to 37 days. Perhaps unsurprisingly, vendor discounting has also increased, at -4.3 percent in the past quarter compared with -2.9 percent in the three months to November 2021.
While annual rent values eased slightly in January to 10.1 percent in January, yields rose over the same period to 3.9 percent, and increase from 3.21 percent a year earlier.
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Developers spent Dhs125 billion acquiring land in Dubai across the first seven months of 2026, according to Dubai Land Department data, as companies continued building their inventories of development sites ahead of a new project cycle.
The 7,981 land transactions accounted for approximately 8 per cent of the 99,900 total sales transactions recorded in the period, but a disproportionate 39 per cent of the Dhs321 billion in total real estate sales value — a figure that also includes residential units, villas and buildings. Market activity averaged around 1,140 land transactions a month, worth approximately Dhs17.8 billion.
Me’aisem 2 recorded the highest land-sale value of any area, with Dhs10.4 billion across 544 transactions, followed by Al Yalayis 5 with Dhs7.14 billion across 907 deals. Al Ruwayyah 1 ranked third by value despite just three major transactions, worth a combined Dhs6.3 billion. Palm Jebel Ali, Umm Suqeim I and Al Yalayis 1 rounded out the next tier, while Palm Jumeirah recorded Dhs2.4 billion across 44 deals.
The concentration of value in a small number of land transactions — as seen in Al Ruwayyah 1’s three deals worth Dhs6.3 billion — reflects the scale of individual site acquisitions in Dubai’s primary land market, distinct from the smaller residential resale transactions that make up the bulk of deal volume.
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