Home values increased by 0.2% in March 2016 with values 1.6% higher over the first quarter of the year

• Combined capital city home values increased by 0.2% in March with value rises recorded in Sydney, Adelaide, Perth and Darwin while values fell elsewhere
• Home values were 1.6% higher over the first quarter of 2016 with Brisbane an Perth the only capital cities in which values fell
• Over the past 12 months, combined capital city home values have increased by 6.4% however, Sydney (7.4%) and Melbourne (9.8%) have recorded significantly higher growth with moderate increases in Brisbane (4.5%), Adelaide (3.2%), Hobart (4.8%) and Canberra (1.7%) while values in Perth (-2.0%) and Darwin (-1.8%) continue to trend lower

Home sales have trended lower over recent months

• Over the 12 months to March 2015 it is estimated that there were 340,255 houses and 132,359 units sold nationally
• House sales are -3.4% lower over the year while unit sales are -9.7% lower
• It is important to note, the large volume of off-the-plan sales currently means there is a high likelihood unit sales volumes will be revised higher over the coming years

Rentals rates are -0.2% lower over the year, the weakest rental conditions on record

• Capital city rental rates have recorded a -0.2% fall over the past year which is their weakest conditions on record
• With rental rates falling and value growth slowing but generally much stronger, rental yields have trended lower over the year and sit at 3.5% which is also a record low

Selling time of homes is seeing a seasonal spike while discounting is steady over the year

• The typical capital city home is currently selling after 60 days on the market compared to 53 days a year ago
• The average level of discount is recorded at -5.6% which is the same level as a year ago
• Auction clearance rates have rebounded strongly early in 2016 and have averaged 68.5% so far this year

Listing volumes are lower than they were at the same time last year and have started trending lower

• Over the past 28 days there were 41,381 new homes listed for sale which is -2.2% lower than a year ago
• Over the same timeframe there were 235,897 total homes listed for sale which is -4.2% lower than a year ago

Economic data remain mixed

• New lending to both investors and owner occupiers is trending lower with investment demand falling at a greater pace
• Total housing credit is rising however, investment credit growth continues to slow and is now well below APRAs 10% threshold for annual growth
• The rate of population growth at a national level has continued to slow over the September 2015 quarter
• Dwelling approvals remain very high although they are now trending lower
• Consumer sentiment remains at a fairly neutral level
• The unemployment rate fell to 5.8% in February
• Official interest rates remained on hold in March with the market anticipating a 25 basis point cut to official interest rates by the end of this year.

This month’s chart pack has been written by the CoreLogic RP Data Research Team