New property listings buck the seasonal trends as home value growth slows
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New listings in capital cities rose 3.7% higher than the 5 year average last month, according to a report released by CoreLogic today. The report looked at the number of new listings over four weeks ending on July 30 and, although new listings were higher than usual for the season, it was 4.6% lower than the same time last year.
Tim Lawless, CoreLogic's research director, noted that “with total stock levels still low and selling conditions reasonably strong, it may be the case that more homeowners are picking current market conditions as a good time to sell, rather than waiting until spring when stock levels might be higher”.
The report also outlines the decreasing amount of active listings (all capitals combined) over the same period. Currently, the total number of listings is 18.3% lower than at the same time last year and 23.3% below the five-year average. As total stock levels are trending lower, Lawless says it implies that demand is keeping up with the increased inflows.
Home value growth slowing for most capitals
The report found that, while the national Home Value Index (HVI) continued to rise in July at 0.7%, its pace was slower than May’s 1.2%. Sydney saw its rate of growth halving from May’s 1.8% to 0.9% in July. Melbourne and Darwin’s rate of growth lowered to 0.3%, Perth slowed to 1.0%, and Hobart remained steady with no change in property value. Meanwhile, Canberra was the only capital city to see a decline in property value.
But not all regions saw a slowdown last month, Brisbane and Adelaide saw their pace of growth increase to 1.4%. However, both cities' growth momentum was still below the one year and 5 year averages.
CoreLogic’s report states that the slowdown in property value growth is mostly driven by a moderation in the upper quartiles gains. The rate of growth for the lower quartile and broad middle was smaller but remained more consistent over previous months.
Lawless comments that resilience in the middle and lower end of the market tracks with housing finance data “which has shown a stronger bounce back in the value of lending to first home buyers and investors over recent months.”
Housing market remains resilient
While growth has slowed, the report points out that this follows from a fast recovery trend during an environment of increased home loan interest rates, low consumer sentiment, and more cautious lending. Lawless says this could see the supply side begin to balance as long as housing demand doesn’t follow at the same pace.
One thing to look out for is a continuing demand for housing from strong population growth that is likely to remain above average levels. NHIFIC statistics forecast that the housing sector will be undersupplied by 175,000 dwellings in 2027 which could help to buoy property prices over time.
Looking to get into the home loan market? At Mozo, we track a wide range of home loan products on our database to help you compare.
Home loan comparisons on Mozo - last updated 5 December 2023
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Home Variable Rate
Owner Occupier, Principal & Interest, Refinance Only
variable rate
comparison rate
Initial monthly repayment6.15% p.a.6.15% p.a.Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
CompareCompareHome Variable Rate
Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.15% p.a.
- variable rate
- 6.15% p.a.
- comparison rate
- 6.15% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - up to $30,000
- Redraw facility
- yes - free
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- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
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- Monthly
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Read our Mozo Review to learn more about the Up Home Variable Rate
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Featured Product
Mozo experts choice awards won:
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Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
variable rate
comparison rate
Initial monthly repayment5.74% p.a.5.65% p.a.For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
- variable rate
- 5.74% p.a.
- comparison rate
- 5.65% p.a.
- variable rate
- 5.74% p.a.
- comparison rate
- 5.65% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
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- Principal & Interest
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- Owner Occupier
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- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Unloan Unloan Variable
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Mozo experts choice awards won:
- Low Cost Home Loan - 2023
Variable Home Loan 90
Principal and Interest, LVR <90%
variable rate
comparison rate
Initial monthly repayment6.04% p.a.6.06% p.a.Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.
CompareCompareVariable Home Loan 90
Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.
- variable rate
- 6.04% p.a.
- comparison rate
- 6.06% p.a.
- variable rate
- 6.04% p.a.
- comparison rate
- 6.06% p.a.
- Upfront fees
- $530
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
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- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
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- type of mortgage
- Variable
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- Principal & Interest
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- Owner Occupier
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- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the loans.com.au Variable Home Loan 90
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Mortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
variable rate
comparison rate
Initial monthly repayment6.14% p.a.6.43% p.a.Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
CompareCompareMortgage Simplifier
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.
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- 6.14% p.a.
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- 6.43% p.a.
- variable rate
- 6.14% p.a.
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- 6.43% p.a.
- Upfront fees
- $299
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- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free
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- yes - free
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- no
- Maximum loan to value ratio
- 80.00%
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- Variable
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Read our Mozo Review to learn more about the ING Mortgage Simplifier
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Well Balanced Special Offer
Owner Occupier, Principal & Interest, LVR <80%
variable rate
comparison rate
Initial monthly repayment6.12% p.a.6.14% p.a.Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.
CompareCompareWell Balanced Special Offer
Competitive low rates available for owner occupiers. Free online redraws. 100% offset account for a small fee ($10 p/mth). Quick and easy application online. Get a free evaluation (Valued up to $300). Minimum loan amount $100K.
- variable rate
- 6.12% p.a.
- comparison rate
- 6.14% p.a.
- variable rate
- 6.12% p.a.
- comparison rate
- 6.14% p.a.
- Upfront fees
- $785
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
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- $200,000
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- type of mortgage
- Variable
- Repayment types
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- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -