National sales at highest level since 2022: CoreLogic

CoreLogic’s Monthly Housing Chart Pack for March 2024 has revealed that the rolling annual count of national sales has surpassed 500,000 for the first time since December 2022.

This equated to an estimated 500,580 sales recorded over the year to February 2024, with annual sales activity across the combined capitals increasing by 6 per cent compared to the same period last year and 8.2 per cent higher than the five-year average.

Meanwhile, sales across the country’s regional markets recorded a downfall of 2.1 per cent over the year to February 2024 and down 3.7 per cent below the five-year average.

All capitals (excluding Canberra and Darwin) recorded an increase in sales volumes over this period, with Sydney recording the highest increase of 14.6 per cent, followed by Perth (6.2 per cent), Adelaide (4.1 per cent), Hobart (2.5 per cent), Brisbane (2.4 per cent), and Melbourne (1.8 per cent).

Canberra and Darwin recorded declines in sales volumes of 2.8 per cent and 6.1 per cent, respectively.

CoreLogic’s data painted a different story for the regional markets on a state-by-state basis, with all regionals recording decreases except for regional Western Australia (up by 4 per cent) and regional NSW (up by 3.2 per cent).

Regional Northern Territory recorded the largest decrease at 12.3 per cent followed by Tasmania (6.6 per cent), Victoria (6.3 per cent), Queensland (5.5 per cent), and South Australia (1.8 per cent).

Furthermore, the Housing Chart Pack revealed the median time on market tracked higher during February 2024, with properties taking an average of 38 days to sell in the three months to February.

An increase in selling times was observed in both combined capitals and regional markets since a recent low in the three months to November 2023.

Homes in the capital cities took roughly 38 days to sell, up from 24 days, while regional homes were selling in around 50 days, up from 36 days.

CoreLogic’s data coincided with the recent findings from Westpac that indicated improved confidence among home buyers, with 44 per cent of Australians stating they planned on buying a new home over the next five years.

Additionally, CoreLogic research director Tim Lawless noted some early indicators of housing confidence on the back of CoreLogic’s most recent Home Value Index (HVI) data.

Lawless stated: “Potentially we are seeing some early signs of a boost to housing confidence as inflation eases and expectations for a rate cut, or cuts, later this year firm up.”

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