Free Trial
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 recorded a broad based increase in Australian home prices in May of 1.2% m/m as rising demand comes up against housing shortages. This was the third consecutive monthly rise. The capital-city index rose 1.4% m/m, the highest since September 2021, and is now 3% above the February trough. Rising home prices plus higher mortgage rates are going to drive a further deterioration in affordability, while at the same time rental inflation keeps rising. These developments are concerning the RBA.
- Home prices remained above trend during the 2022 correction and now stand 10% above it.
- Advertised listings reflect the major supply shortage in the housing market. CoreLogic observed that in May there were around 1800 fewer homes advertised in the capital cities than in April. Inventory is down 15.3% y/y and 24.4% below the 5-year average.
- Research director Lawless said “With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market.”
- Sydney prices rose 1.8% m/m and Melbourne 0.9%.
- See CoreLogic release here.
Australia CoreLogic 5-capital city home prices y/y% vs trend
Source: MNI - Market News/Refinitiv
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok