Housing charts
CoreLogic released its latest monthly Chart Pack for the Aussie housing market, which was very insightful as always.
Over the past quarter, housing prices rose +1.8 per cent, driven by strong gains in Perth, Adelaide, and Brisbane, in particular.
Melbourne has been surprisingly weak, with housing prices down -0.6 per cent for the past quarter.
The state of Victoria has been held back by a range of factors over recent times, though I don't necessarily expect that to last.
New listings have been higher this year, though not dramatically so, and now appear to be normalising.
Total listings remain -17 per cent below their 5-year average, and roughly in line with last year's figures.
Source: CoreLogic
Rental price inflation has been brutal over recent years
And the longer the longer the rental crisis persists, the greater will be the desire to own.
That having been said, monthly inflation in rents slowed to +0.4 per cent, and annual inflation eased to +8.2 per cent, both the lowest figures since November last year respectively.
That's good news for the Reserve Bank's battle against inflation.
Fixed mortgage rates are punishingly high now, so few borrowers will be taking up that as an option.
Interest-only lending is now close to 20 per cent of new loans again, but overall lending settings remain comparatively speaking very tight.
The good news here is that inflation in rents is now dropping.
On the other hand, inflation in new apartment prices may not have eased.
The AFR reported today a likely 10 per cent increase in new apartment prices in New South Wales, reflecting the latest union (CMFEU) deal increasing wages by a further 7 per cent for the sector, while materials prices also continue to increase (albeit at a less dramatic pace).
In other news, it looks as though the Reserve Bank of New Zealand will begin its interest rate cutting cycle from next month, as the economy deteriorates.
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