JUNE 2024 – JAY WU REPORT
Welcome to Jay Wu Estate Agents monthly market update June 2024.
MAY 2024 – JAY WU REPORT
May Highlights:
1. Perth, Adelaide, and Brisbane are experiencing faster value growth compared to Sydney and Melbourne.
2. Housing finance commitments data from the ABS suggests that value growth may soon stall.
3. The overall value of new housing loans has decreased, missing economists’ expectations for growth.
4. There is a correlation between mortgage finance commitments and dwelling values.
5. Record net overseas migration and a supply-constrained market are contributing to upward pressure on prices and rents in Australia.
APRIL 2024 – JAY WU REPORT
April Highlights:
Resilience of the Australian Housing Market: The Australian housing market showed resilience in March, marking the 14th consecutive month of growth with a 0.6% increase in national home values. The National Home Value Index rose 1.6% in the first quarter, adding approximately $12,000 to the median home value.
Variability Across Capital Cities: Perth led monthly growth with a 1.9% increase, followed by Adelaide and Brisbane at 1.4% and 1.1%, respectively. However, Melbourne recorded a negative quarterly movement, down 0.2%.
Shift in Growth from Upper to Lower Quartile: Growth has shifted from the upper to the lower quartile in most capital city markets. Lower quartile home values rose by 3.1% in Q1, outpacing the 0.7% rise in the upper quartile, reflecting increased demand for more affordable housing options.
Regional Housing Market Diversities: Regional Victoria saw the softest growth, with values down 0.3% in Q1. In contrast, Brisbane continued its solid growth, with values rising 1.1% in March and 3% over the past three months.
Global Markets Reach Record Highs: Global share markets surged to new record highs in March, driven by robust corporate earnings, optimism surrounding artificial intelligence (AI), and signs of resilient economic growth. The MSCI index rose by 7.7% during the quarter, marking its most significant increase since 2019.