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The latest CoreLogic Property Pulse reveals that, despite transactions being lower over the year across the capital cities, the number of sales is starting to stabilise.
Over the last six months, current trends reveal that the number of dwelling sales is stabilising and rising slightly.
“The settled sales insights highlight that although some regions are seeing transactions rise, they remain well down on historic high levels,” said Cameron Kusher, CoreLogic's research analyst.
“The relatively lower volume of transactions across markets experiencing positive population growth highlights the ongoing inefficiencies in the housing market which discourage transactions.
“These inefficiencies (detailed earlier) also have an economic impact as the high cost of exiting and entering the housing market is likely to impact on labour mobility as home owners may choose not to move for employment because of these high costs.”
The Property Pulse continues to mention the importance of property transactions as they provide turnover for real estate agents and mortgage brokers, and also are a significant source of stamp duty revenue for state governments.
The housing turnover for each capital city, according to CoreLogic, is:
Sydney
The annual sales volume in Sydney has declined just 0.9 per cent over the last year. However, it is rising after a low in April 2017.
Melbourne
The annual sales volume has also declined by 7.6 per cent over the last year, yet is still higher than the most recent low.
Brisbane
The annual sales volume has declined by 9.7 per cent over the last year, and the number of transactions is also trending lower.
Adelaide
Much like Sydney, the annual sales volume declined only 0.9 per cent over the last year and transaction volumes are on the rise.
Perth
The annual sales volume in Perth are down by 1.1 per cent over the last year, but monthly data points indicate the number of transactions to be stable.
Hobart
Unlike most of the other capital cities, Hobart saw a significant rise in its annual sales volume with a rise of 10.9 per cent over the last year.
Darwin
Annual sales volume over the last year is up by 10.7 per cent, which has come from a historically low level.
Canberra
The annual sales volume in Canberra is trending lower, down by 1.4 per cent over the last year. There has been, however, a slight rise in recent transactions.
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