1H24 Financial Results
Housing sector
Strong house price recovery
Home prices rose over the past year¹
Dwelling prices (8 capital cities)
%
Driven by low stock on the market, now rising¹
CoreLogic total listings (rolling 4 weeks, combined capitals)
Home lending has risen modestly²
Housing loan approvals (excluding refinancing)
000s
$bn
%
120
Previous five year average
20
6
20
100
15
Monthly change (LHS)
80
Owner-occupier
(ex FHB)
Investor
3
10
2022
60
10
2023
0
0
40
5
-3
Annual growth
(RHS)
First home buyers
(FHB)
20
-10
0
0
Dec 15
Dec 17
Dec 19
Dec 21
Dec 23
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
Dec 10 Dec 12
Dec 14 Dec 16
Dec 18
Dec 20
Dec 22
Very low rental vacancy rates¹
Rental vacancy rate (8 capital city average)
Weak housing construction²
Private residential approvals and commencements
Housing debt off its peak, but still high³
Housing debt to income
%
000s
%
6.0
80
Commencements
150
Total
5.5
70
Building approvals
140
5.0
60
4.5
130
4.0
50
120
3.5
40
3.0
110
Net of offset balances
30
2.5
2.0
20
100
Dec 08
Dec 11
Dec 14
Dec 17
Dec 20
Dec 23
Dec 05
Dec 11
Dec 17
Dec 23
Dec 05
Dec 10
Dec 15
Dec 20
1. Source: CoreLogic. 2. Source: ABS. 3. Source: RBA, ABS, APRA and CBA.
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