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Brisbane takes silver? 🥈 Our latest Home Value Index showing Brisbane has overtaken Canberra as the second most expensive capital in the country - The first time Brisbane has overtaken Canberra since July ’99! #CoreLogicAU

I joined the conga line of RBA commentary yesterday, taking a housing perspective on the 'hold' decision: Rates on hold, along with slower inflation should help to boost sentiment, which has been languishing close to recessionary lows for the past 2 years... but we aren't expecting stable rates to reinvigorate the housing cycle. Normally, a pickup in consumer spirits would be accompanied by a lift in home purchasing activity, but I'm not sure if this will be the case over the coming months, given most of the factors that have been supporting market strength are losing their potency: . Population growth is easing . Rental growth is slowing . Affordability is stretched . Advertised supply is rising Of course, diversity is a key theme, with these factors playing out differently from region to region... and we still have an undersupply of newly built housing that will keep a floor under housing prices to some extent. In fact, the RBA pointed out yesterday in the SoMP, a pick up in dwelling investment (ie more residential construction) is going to take longer than previously expected - probably not moving into an upswing until late 2025. Household balance sheets are likely to remain fragile until rates actually start to come down - but even as borrowing capacity and debt servicing improves with lower rates, the cash rate easing cycle is likely to be s gradual one. Full commentary here 👇 https://lnkd.in/gkAyAtPU

The preliminary auction clearance rate stepped higher this week, rising to 74.7%, the highest early result since the first week of April (75.9%) according to CoreLogic Australia. Both of the major auction markets recorded a rise in the preliminary clearance rate. In Sydney, 76.7% of auctions have returned a successful result so far, up 4.7 percentage points from the prior week and the strongest early result since the first week of May. Melbourne’s preliminary clearance rate came in at 70.2%, up 2.0 percentage points from the previous week (68.2%) and roughly in line with the average preliminary clearance rate through the year to-date. Across the smaller auction markets, the preliminary clearance rate was led by Adelaide at 84.8%, followed closely by Brisbane at 78.9%. Canberra was the only capital city auction market to record a drop in the preliminary clearance rate relative to the previous week, coming in at 64.3%. From a volume perspective, 1,747 auctions were recorded this week, the lowest count since the Kings Birthday long weekend in mid-June. However, the number of auctions continues to track well ahead of levels recorded at the same time last year (+22%) when 1,428 auctions were held. The winter slowdown is set to continue, with around 1,500 auctions currently scheduled next week with a bounce back to around 1,700 the following week.

Inflation continues to fall, with today’s December quarter CPI data coming in below forecast at 4.1%. Head of research Eliza Owen explains the relationship between housing and inflation, and what today’s data means for the outlook of interest rates and property prices. https://ow.ly/7fa950Qw7XB #inflation #CPI #housing

CoreLogic’s national Home Value Index increased 0.4% in January. Tim Lawless shares what’s happening across the country ⬇ ➕ Perth (1.6%) continues to stand out among the capital cities. Melbourne (-0.1%), Hobart (-0.7%) and Canberra (-0.2%) recorded a subtle decline over the month, while Adelaide (1.1%) and Brisbane (1.0%) values continue to rise by 1% month to month. ➕ Transactions have held slightly above average with an estimated 115k+ dwellings sold over the past quarter, despite ongoing affordability constraints as well as higher interest rates and cost of living pressures stacked against buyers. #CoreLogicAU #HomeValueIndex #HVI #housingupswing