26th September 2019
Property Market Snapshot – September 2019
In this edition of our Property Market Snapshot, we take a look at new data published in a September report from CoreLogic. Dwelling prices and transaction volumes both show positive signs, new market entrants are a major contributor to market turnaround and experts predict that more vendors will start to enter the market with a new found confidence
September figures signal long-awaited upturn
The Australian domestic property market signals rebound with national dwelling prices posting the first three-month increase since November 2017.
New data published in a September report from CoreLogic revealed that national dwelling values rose 0.6 per cent over the three months ending August.
Sydney and Melbourne outperformed the national average with 1.6 per cent and 1.4 per cent growth respectively. Brisbane growth was comparatively low at 0.2 per cent, but the overall trend remains positive.
Although values have declined on an annual basis, this data shows that the trend may be reversing. And while property volumes are also lower than a year ago, monthly data points to an increase in transactions.
While the turnaround has been driven by a number of factors, new market entrants have been a major contributor, with improved affordability, less competition from investors, low mortgage rates and increased incentives powering first home buyer sales.
Across the country first home buyers accounted for more than 26 per cent of all owner-occupier housing finance commitments in the three months
In Queensland first home buyers accounted for 26.7 per cent of finance commitments, with Victoria and NSW reporting 32.5 per cent and 27.1 per cent respectively.
Experts predict that with property values levelling out and starting to increase, confidence will rise and more vendors will enter the market.
It’s good news for investors and those who have been nervous about a property market that has spent nearly two years in the doldrums.
First three-month national dwelling price increase since November 2017
Monthly data points to an increase in property transactions
New market entrants major contributor to market turnaround
Experts predict more vendors to enter the market with new found confidence