Australian Property

CoreLogic’s preliminary auction clearance rate softened, with 71.5% of reported auctions cleared versus 69.3% last weekend: Sydney’s preliminary clearance rate retraced slightly with 73.1% of reported auctions sold, down from 73.2% last weekend.

There was a time when I’d have gotten all upset about the march of the property bulls.

They’re back: Switzer, Joye, Wargent and some sheila, chock full of bull!

CoreLogic has released its final auction clearance results for last weekend, which reveals that the final national clearance rate rose slightly to 64.4% from 64.2% the prior week: Sydney’s auction clearance rate rose to 65.8% from 65.4% the prior week, whereas Melbourne’s rose to 60.8% from 45.0%.

From Westpac: Housing finance approvals came in well above expectations, the total value of new loans surging 12.6% in August to be up over 30% in three months.

The Australian Bureau of Statistics (ABS) has released housing finance data for August, which revealed a massive lift, led by first home buyers. The below chart plots the time series: Total new mortgage commitments (excluding refinancings) surged by 12.6% in August, with owner-occupied mortgages surging 13.6% and investor mortgages rising 9.3%.

The AFR’s Robert Harley believes that Australia’s property market is facing a demand problem as collapsing immigration collides with pulled forward construction: Australia is not short of new housing, not after the recent boom.

In the week ended 8 October 2020, the CoreLogic 5-city daily dwelling price index, which covers the five major capital city markets, fell only 0.01%: It was the 22nd consecutive weekly decline.

Here is the problem for Depressionberg Unstimulus in black and white from a hilarious buzzing swarm of property locusts, at the AFR: David Harrison, head of one of the country’s biggest property fund managers, Charter Hall [said] “They are showing leadership.

Via Martin North: We have updated our Core Market Models and scenarios with the latest household financial stress data to the end of September 2020.

CoreLogic has released its housing market Pain & Gain report for the June 2020 quarter, which reveals that 18.0% investors sold their property for a loss over the quarter, up from 16.8% in the March quarter: This compared to 11.1% of owner occupiers that sold for a loss over the same period.

SQM Research has released its stock on market data for September, which reveals that for sale listings nationally declined by 1.2% over the month and by 7.4% year-on-year: Listings have increased in Sydney but fallen everywhere else.

ABC’s 7.30 Report has presented both sides of the argument for removing responsible lending laws: CARRINGTON CLARKE, REPORTER: It’s almost five years since Peter Low died and his family is still paying off his loans.

With Australia’s property market now declining for five consecutive months, it’s once again time to compare the current downturn with prior corrections.

CoreLogic’s preliminary auction clearance rate softened, with 69.3% of reported auctions cleared versus 70.5% last weekend: Sydney’s preliminary clearance rate retraced slightly with 73.2% of reported auctions sold, down from 74.8% last weekend.

That’s the question asked by the ABC’s Daniel Ziffer in the segment above.

UBS has released a new report examining the global property market, which finds that European cities are most at risk of a property market bubble while Sydney prices are still overvalued but less risky.