Property prices rebound, led by Sydney and Melbourne spring sales

Australian house prices have experienced their biggest monthly rebound in two and a half years, led by a strong recovery in the Sydney and Melbourne property markets.

The nation’s median dwelling value lifted 0.9 per cent to $524,744 in September, according to the latest monthly figures from property analyst CoreLogic.

“Although housing values are now consistently tracking higher, at least at a macro level, the national index remains 6.8 per cent below the October 2017 peak,” said CoreLogic’s head of research, Tim Lawless.

He said this indicated “buyers still have some time to take advantage of improved housing affordability before values return to record highs”.

Median property values in Sydney and Melbourne jumped 1.7 per cent last month — to $805,424 and $634,913 respectively.

In the past quarter, dwelling values in the two most expensive markets rebounded by about 3.5 per cent each.

The only other capital cities that saw price rises in September were Canberra (+1pc) and Brisbane (+0.1pc).

Adelaide’s housing prices remained flat, while Darwin (-0.2pc), Hobart (-0.4pc) and Perth (-0.8pc) values fell during the month.

What’s driving the recovery?

“Low mortgage rates, and the expectation that they will move lower, along with better affordability, a loosening in credit rules and improved housing sentiment are all factors contributing to the rebound,” Mr Lawless said.

“A variety of other indicators outside of our hedonic index are pointing towards further strength in the housing market, including auction clearance rates, which are continuing to track around the mid to high 70 range, with the results remaining high on larger volumes.”

As for why Sydney and Melbourne are outperforming the other capitals’ property markets, Mr Lawless said it was due to their stronger population growth, lower unemployment and strong jobs creation.

“Although markets outside of Sydney and Melbourne aren’t showing the same recovery trend, most areas have either seen a reduction in the rate of decline or are seeing a modest trajectory of growth as low mortgage rates and a slight loosening in credit policy support buyer demand.”

Another point of difference, he observed, was the strong level of investor participation.

The most recent housing finance figures (July), showed that 32 per cent of mortgage demand in NSW was from investors — far higher than any other state. In Victoria, 26 per cent of mortgages were taken out by investors.

Furthermore, the CoreLogic figures showed the sharpest price rises were happening in the most expensive quartile of the national market.

Prices in the top end of the market lifted by 3.6 per cent in the past quarter — while the lowest-priced quartile saw prices rises of 1.4 per cent.

Ref: business reporter David Chau (on 01 October 2019). Property prices rebound, led by Sydney and Melbourne spring sales. Retrieved from https://www.abc.net.au/news/2019-10-01/property-price-rebound-sydney-melbourne-corelogic/11562824

PHOTO: Having a game plan before auction day can keep you focused. (ABC News: Michael Coggan)

悉尼和墨尔本的春季房产销售带动了房地产价格的反弹

在悉尼和墨尔本房地产市场强劲复苏的带动下,澳大利亚房价经历了两年半以来最大的月度反弹。

根据房地产CoreLogic的最新月度的分析数据,澳洲9月份的房屋中位价上涨了0.9%,至$524,744元。

CoreLogic研究主管蒂姆·劳莱尔斯(Tim Lawless)表示:“尽管在宏观水平上,现在房屋价格一直在持续走高,但全国指数仍比2017年10月的高峰值低6.8%。”

他说,这表明“在房屋价格恢复到历史新高之前,购买者仍然有一段时间可以利用来改善住房承受能力。”

上个月,悉尼和墨尔本的房价中位数上涨了1.7%,分别为$805,424元和$634,913元。

在过去的一个季度中,两个最昂贵的市场(悉尼和墨尔本)的住房价格每个都反弹了约3.5%。

9月份唯一出现价格上涨的其他首府城市是堪培拉(+ 1%)和布里斯班(+ 0.1%)。

阿德莱德的房屋价格保持平稳,而达尔文(-0.2%),霍巴特(-0.4%)和珀斯(-0.8%)的价格在当月下跌。

是什么推动复苏?

劳利斯(Mr Lawless)说:“低抵押贷款利率,以及人们预期抵押贷款利率将降低,可负担性更好,放宽信贷规则和住房改善的信心,都是导致反弹的因素。”

“我们在房地产效用估价指数以外的其他各种指标都表明房地产市场将进一步走强,包括拍卖清算率,拍卖清算率一直在70%左右的中高水平徘徊,房屋交易量和交易金额依然很高。”

至于为什么悉尼和墨尔本的表现要优于其他首府城市的房地产市场,Lawless先生说,这是由于它们的人口增长强劲,失业率降低以及创造了强劲的就业机会。

“尽管悉尼和墨尔本以外的市场没有显示出相同的复苏趋势,但大多数地区没有看到明显的下降,同时由于低的抵押贷款利率和略有放松的信贷政策而出现适度的增长轨迹。”

他指出,另一个不同点是投资者的参与程度很高。

最新的住房融资数据(7月)显示,新州的抵押贷款需求中有32%来自投资者,远高于其他任何州。在维多利亚,投资者抵押了26%的抵押贷款。

此外,CoreLogic的数据显示,在占据约1/4的全国市场的高端市场价格涨幅最大。

上个季度,高端市场的价格上涨了3.6%,而低端市场(约占据1/4的全国市场)价格上涨了1.4%。

Ref: business reporter David Chau (on 01 October 2019). Property prices rebound, led by Sydney and Melbourne spring sales. Retrieved from https://www.abc.net.au/news/2019-10-01/property-price-rebound-sydney-melbourne-corelogic/11562824

PHOTO: Having a game plan before auction day can keep you focused. (ABC News: Michael Coggan)