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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
CoreLogic national home value index rose 0.6% m/m in March, the first rise since April 2022, after falling only 0.1% in February. The rise was driven by increased immigration, low advertised stocks and very low rental vacancy rates. These factors outweighed rising mortgage rates and expectations of an economic slowdown. Analysts are divided over the outcome of Tuesday’s RBA meeting. A pause could provide further support for housing.
- CoreLogic said that March advertised listings in the capital cities were about 20% below the 5-year average while sales were only about 7% below. The supply and demand imbalance resulted in a rise in prices in what is otherwise a difficult environment.
- If house prices continue to rise, affordability will deteriorate further and we estimate that in Q1 it is around 30% below trend. But with inward migration at record highs and still rising, most of the house price correction may be behind us. They are currently only 9% off the April 2022 peak after rising 25% from September 2020.
- The majority of recent migrants have gone to Sydney and Melbourne. Sydney home prices rose 1.4% m/m and Melbourne +0.6%.
Australia CoreLogic home value index - capital cities
Source: MNI - Market News/Refinitiv/CoreLogic
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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