{"id":2280,"date":"2024-09-17T16:34:21","date_gmt":"2024-09-17T06:34:21","guid":{"rendered":"https:\/\/anp-au.com\/?p=2280"},"modified":"2024-09-17T16:35:46","modified_gmt":"2024-09-17T06:35:46","slug":"2024aug","status":"publish","type":"post","link":"https:\/\/anp-au.com\/en\/2024aug\/","title":{"rendered":"Australia's housing supply has increased by 30%, and housing prices have begun to fall in 80% of Melbourne areas. Brisbane's market remains hot."},"content":{"rendered":"

According to CoreLogic's latest September Property Market Charts report, nearly one-third (29.21 TPPs) of Australian regions have recorded a decline in house prices over the past three months. Of the 3,655 regions across Australia, Melbourne and Victoria experienced the most significant declines, with 79.11 TPPs and 73.81 TPPs, respectively, experiencing a decline in values. All regions in Perth, Western Australia, saw increases in house prices. Brisbane house prices increased by 1.11 TPPs in the August 2024 quarter, bringing the annual increase to 2.91 TPPs, demonstrating a stable upward trend. In contrast, Melbourne recorded a decline of 1.21 TPPs over the same period, reflecting market pressures in the city.<\/p>\n\n\n\n

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The data showed house prices fell in Sydney, Melbourne, Hobart, Darwin and Canberra.<\/figcaption><\/figure>\n\n\n\n

High interest rates and inflation affect the property market<\/strong><\/h2>\n\n\n\n

CoreLogic economist Kaytlin Ezzy said rising interest rates and cost of living pressures continued to weigh on the housing market, leading to quarterly price falls in more regions. "While national house price growth is still ongoing, the pace of growth has slowed, with weakness particularly evident in Victoria," she said.<\/p>\n\n\n\n

Ezzy pointed out that in Melbourne, the most affluent areas were the most affected. For example, all areas of the Mornington Peninsula saw a drop in property prices, while only a few areas in the Inner-South (Carrum) and Inner-East (Box Hill, Deepdene, Canterbury) recorded increases. In Victoria, Ballarat, Geelong, and Bendigo also saw a drop in property prices, with 1,001, 97.81, and 89.31 property prices respectively.<\/p>\n\n\n\n

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New property supply increases across cities, but demand still outstrips supply in Brisbane<\/h2>\n\n\n\n

The latest data shows that the median time on the market in Brisbane in August was 21 days, while in Melbourne it was 42 days, twice as long. This reflects Brisbane's relatively high demand, with houses spending a shorter average time on the market, while Melbourne's market is weaker, with houses spending longer on the market, which may mean more choices for buyers and more intense market competition.<\/p>\n\n\n\n

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The time it takes to sell a property across Australia has increased slightly compared to last year, but Perth and Adelaide are selling properties faster, at 11 and 27 days respectively.<\/figcaption><\/figure>\n\n\n\n

Melbourne and Sydney see rising proportion of suburbs experiencing declines<\/strong><\/h2>\n\n\n\n

Data shows that the proportion of areas experiencing price declines across Australia has increased from 17.21 TP3T in the same period last year to 29.21 TP3T. Besides Melbourne, the proportion of areas experiencing price declines in Sydney has also seen a significant increase, from 3.81 TP3T last year to 25.91 TP3T this year.<\/p>\n\n\n\n

Looking ahead, Ezzy believes that while some markets remain strong, regional price declines may become more common as the spring home selling season approaches. "This winter's above-average supply of new listings has led to a slowdown in the housing market." As of early September, the number of new listings nationwide reached 39,994, an increase of 4.01 TWh over last year and 16.71 TWh above the five-year average. Residential construction approvals rose by 10.41 TWh in July, with unit approvals increasing significantly by 33.71 TWh, while detached home approvals saw a slight increase of 0.31 TWh. With the spring home selling season approaching, Ezzy predicts that increased supply will further put downward pressure on home prices.<\/p>","protected":false},"excerpt":{"rendered":"

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