Other highlights from the CoreLogic Monthly Housing Chart Pack include:
- CoreLogic estimates the combined value of residential real estate held steady in December at $11.1 trillion.
- National home values fell -0.1% over the December quarter, which marks the first time the quarterly trend has entered negative territory since the three months to February 2023 (-0.6%)
- The affordable end of the market dominated growth through 2024. Nationally, lower quartile values were up 9.9% over the year compared to the 2.1% rise seen in the more expensive upper quartile.
- CoreLogic estimates there were 33,676 sales in December, taking the annual count to 531,573. Although up 8.3% annually, sales activity over the December quarter was down -1.0% compared to the final quarter of 2023 and -6.2% lower than the previous five-year average.
- The median days on market increased to 33 days over the three months to December, up from 28 days through much of 2024.
- Despite selling conditions rebalancing in favour of buyers, the median vendor discount rate tightened slightly (-3.6%) compared to the final quarter of 2023 (-3.8%).
- After peaking over the four weeks to October 27th (45,892), the flow of new listings has entered the seasonal slowdown, with just 26,423 new properties listed nationally over the 28 days to December 22nd. This is relatively in line with historic benchmarks, down just -0.8% compared to the same time in 2023 and just -0.3% lower than the previous five-year average.
- The national rental index increased by 4.8% in the year to December, a notable decrease from the 8.1% rise observed in 2023 and the 9.5% growth recorded in 2022.
- The January ‘Chart of the Month’ looks at returns on equities vs housing, finding , housing offered a total return of 8.3% over the 2024 calendar year when accounting for both capital gains and rental income, around three percentage points below the 11.4% return recorded in Australia’s equity market.
Source: Core Logic