The latest dwelling value results from CoreLogic and PropTrack showed that the market has ground to a halt, led by Sydney and Melbourne.
The auction market has also stalled, with final clearance rates in Sydney, Melbourne, and nationwide declining to their lowest level of the year.
The weakness in the nation’s housing market is also reflected in listing volumes, which have risen on the back of old listings (i.e., greater than 180 days).
According to SQM Research, total listings nationally were 10.4% higher in the year to November, driven by Sydney (+17.6%) and Melbourne (+16.8%).
However, old listings were up a hefty 17.6% in the year to November, with all capitals except Brisbane, Perth, and Adelaide recording increases.
The above data reflects the wide divergence in the nation’s housing market, which shows weak conditions in Sydney, Melbourne, and the smaller capitals but solid/strong conditions in Perth, Adelaide, and Brisbane.
Source: CoreLogic
