October Market Update
NATIONAL PROPERTY MARKET UPDATE
Following 5 months of declines in property values the national home value index recorded positive month-on-month growth for October posting a 0.4% rise.
With Melbourne’s ease of restrictions allowing for open inspections new property listings have surged, clearance rates have lifted, and buyer activity is recovering.
Early evidence of divergence between house and unit market values with unit values declining.
Regional markets continue to outperform the capital cities with regional values up 1.7% since March, versus a 2.3% decline in combined capitals.
October saw an 11.9% rise in the Westpac-Melbourne Institute consumer sentiment index.
New listings remain at record lows creating competitive buying environments.
National home sales rose by an estimated 7% in October.
Source: CoreLogic - Index results as at 31 October 2020
BRISBANE PROPERTY MARKET
Brisbane property values rose by 0.5% in October
Queensland dwelling approvals increase by 19.3% in September from August 2020, with 2,970 approved.
Brisbane vacancy rate remains 2.0%
Brisbane change to rent for house increased by 0.6% in October, though units fell by 1.7%
Auction clearance rates for October were 56%
ECONOMIC OUTLOOK
RBA reduced the cash rate to 0.1% - a record low
Queensland re-elect the Labour Party with Annastacia Palaszczuk remaining as Premier
Queensland’s unemployment rate is sitting at 7.7%
Queensland’s border restrictions, to Greater Sydney and Victoria, will remain in place until the end of November, continuing to impact the states economic outlook.
2020 US Presidential Election outcome yet to be seen and effects it may have on the Australia stock market