National dwelling values up across the country
National dwelling values have risen for the fourth straight month according to the recent CoreLogic Home Value Index report.
The report found for the month of October, Australia’s property market rose by 1.2%, up a total of 2.9% since June.
Sydney and Melbourne continue to return the strongest growth results, with the cities rising 1.7% and 2.3% respectively.
In Sydney, the median unit is now valued at $720,658, while the median house price is $918,314.
The top quartile of Sydney homes is seeing the fastest appreciation in value, rising 7.1% over the three months to October, while the ‘middle’ of the market has seen a 4.6% rise in the same timeframe.
More first home buyers getting their foot in the door
Recent ABS Housing finance data also out from Corelogic has revealed more first home buyers have been able to get their foot in the door this year, than any other year since 2012.
In August, first home buyers made up the largest proportion of national owner occupier mortgage activity, compromising 29.8% of all owner-occupier home-loans, compared to the decade average of 25%.
Property listings on the rise
New figures released by SQM Research reveal property listings in Sydney rose 4.2% for the month of October. However, when compared to October 2018, listings are still down by a considerable 19%.
Rental vacancies bounce back
The REINSW October Rental Vacancy report found vacancies have risen in Middle and Outer Sydney, bucking the usual trend of a downturn over the warmer months. Inner Sydney was the only market which saw a decrease in unlet dwellings, falling for the third straight month to sit at 2.7%.
The Illawarra and Hunter region both saw a rise in the number of vacant rental properties, with many agencies reporting having to drop rents in order to attract tenants.
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