Home price trend, page-10

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29/03/23

13:26

Post #: 67020950
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Originally posted by saintex: ↑

As usual, home prices are a question of supply and demand.

At this stage, probably easier to capture the main trends regarding supply.
Supply is clearly decreasing :
- for rental properties* (investors selling)
- for existing properties for sale** (owner occupiers are reluctant to sell and so more than offset the fact that investors are selling),
- for new homes***due in particular to large cost increase (+ 13 % yoy according to ABS, due to labor and material).

Regarding demand, it is more difficult to identify clear trends.
Main one, according to Corelogic : stronger demand for high end properties.
We will probably need to wait for the next figures for monthly mortgage growth to see if there is a stronger demand from first home buyers, as there are signs that demand is also improving there.

* in a study published this week, Corelogic indicated that the "count of rental listings on the market decreased to 96,000 over the past 4 weeks, down from previous 5 year average for this time of the year of 150,000".
** large decrease yoy for auction volumes,
*** in its latest State of the Land report, Urban Development Institute indicated that "greenfield lot sales almost halved" and "settled apartment sales fell to their lowest level since the GFC".

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Yes, replacement costs are about 30% higher than pre covid....so if you built 2015-2019, ya killed it twice
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Home price trend, page-10

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