Building Approvals
To continue the Property Story the latest data released by the ABS shows that Building Approvals have increased to 15.4% last month and year to date 8.8% the private house sector is booming as well with an increase of 20.7% year to date while the Unit market still in decline with -12.1% year to date.
CoreLogic finally some good news
CoreLogic October home value indices Australian housing values move into recovery mode. Following five months of consistent declines in residential property values, CoreLogic’s national home value index moved back into positive month-on-month growth through October, posting a 0.4% rise. The lift in home values was broad based, with every capital city apart from Melbourne posting a rise in values over the month.
According to CoreLogic’s Head of Research, Tim Lawless, the October results show early evidence of a divergence between house and unit market performance. “The rise in capital city housing values over the month was entirely attributable to a 0.4% lift in house values which offset the 0.2% fall in unit values. Through the COVID period so far, unit values have actually shown a smaller decline in values than houses”… read more here
Unit prices have not seen big shift in price as most of them are rentals, however there has been a strong demand in the market of dwelling on the lower price and cheaper suburbs especially with the low interest rates making buying a brand new home much more appealing than renting close to the CBD.
Property is still strong and even though we have that panic mode in the early months of the Pandemic, comes to show that the demand is strong, the fundamentals are strong and property is still a very important part of the Australian economy.
2021 is looking very favourable for the property market and prices will continue to raise.
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