The latest CoreLogic Property Pulse reveals despite transactions are lower over the year across the capital cities, the number of sales is starting to stabilise.
Over the last six months, current trends reveal the number of dwelling sales is stabilising and is 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 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:
The annual sales volume in Sydney has declined just 0.9 per cent over the last year. However, they are rising after a low in April 2017.
The annual sales volume has also declined by 7.6 per cent over the last year, yet are still higher than the most recent low.
The annual sales volume has declined by 9.7 per cent over the last year, and the number of transactions is also trending lower.
Much like Sydney, the annual sales volume declined only 0.9 per cent over the last year and transaction volumes are on the rise.
The annual sales volume in Perth are down 1.1 per cent over the last year, but monthly data points indicate the number of transactions to be stable.
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.
Annual sales volume is up by 10.7 per cent over the last year, which has come from a historically low level.
The annual sales volume in Canberra is trending lower, down 1.4 per cent over the last year. There has been, however, a slight rise in recent transactions.