Chart Pack
CoreLogic released its latest Chart Pack, which revealed a few interesting trends.
Dwelling prices rose +1.9 per cent over the 3 months to May, with a surprisingly strong performance across the combined regional markets (+2 percent), outpacing the capitals (+1.9 per cent).
Source: CoreLogic
Over the year, prices were +8.3 per cent higher, driven mostly by the capital cities, especially Perth, Brisbane, and Adelaide.
The pace of dwelling price growth in the month to early June is now the fastest since November last year.
Listings remain low and -18 per cent below the half-decade average.
Listings have been so low for so long now that it might make more sense to look at decade averages soon.
Rents have continued to rise, but at least they are no longer accelerating.
Rental price inflation was steady for a 4th consecutive month at +8.5 per cent.
Landlords are
reportedly exiting the rental markets apace in Victoria, but although rents are up strongly in Melbourne over the past year (+9 per cent) this isn't really all that much different than the rental price growth seen in Brisbane, Melbourne, and Sydney, and it's lower than the growth in rents in Perth.
The reality is that without investors in the market medium-density construction is going to be lower.
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NAB's Monthly Business Survey showed a further deterioration in business confidence into negative territory (down to -3) and business conditions (down to +6).
Forward orders at -6 points to a fairly bleak outlook for the economy, and a likely need for stimulus in 2025.
Prices reversed some of their sharp declines from recent months, though the trend is still down.
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