National Property Listings Shrink
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National Property Listings Shrink

The market is forced to confront the impact of COVID lockdowns.

By Terry Christodoulou
Mon, Jul 26, 2021 1:25pmGrey Clock < 1 min

The number of listings in Sydney and Melbourne is diminishing as lockdown measures extend.

Data provided by My Housing market indicates the number of homes newly listed for sale nationally has diminished over the past week – due to concerns over a protracted shutdown.

The number of homes newly listed for sale nationally is down 20.6% compared to the previous week and is now at the lowest level since the holiday period of early January.

New listings are now tracking at lower levels compared to the same period last year – down 2.5%.

All state capitals recorded declines in the number of newly listed homes over the week ending July 25 with Melbourne and Adelaide clear underperformers down by 73.6% and 49.4% respectively.

Brisbane reported the highest number of newly listed homes over the week ending July 25 – down 4.5% yet slightly ahead of Sydney down 22.1%.

National housing markets are now confronting the impact of COVID lockdowns, with recent boom-time energy dissipating and fewer transactions likely to put downward pressure on home prices.

Data Powered by Dr Andrew Wilson, My Housing Market.

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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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