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Residential Market Takes Centre Stage In New Review

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Australia's residential market activity was put under the spotlight recently with the release of Knight Frank's report, Australian Residential Review - February 2017.

The report drew upon data compiled by Residex, Corelogic, ABS and REINSW, coupled with Knight Frank's own research.

Knight Frank Director of Residential Research Michelle Ciesielski revealed in the report that the official cash rate target remained at 1.50% on 7 February 2017, while Gross Domestic Product was recorded at 1.8% annual growth to September 2016.

Unemployment across Australia grew to 5.7%, in the quarter ending November 2016.

Ms Ciesielski said the weighted average of Australian capital cities house values experienced 4.5% annual growth in the month of December 2016 to $729,500, while apartment values were down to 2.9% annual growth to $547,000.

"In the year ending December 2016, the volume of house sales across Australian capital cities was up 3.3% to 200,839; while 129,386 apartment sales were recorded (up by 1.4%)," she said.

development review

State-by-state key findings

Sydney

  • Gross State Product in New South Wales was recorded at $531,323 million in the year to June 2016; 3.4% greater than the prior year.
  • Unemployment as at December 2016 stood at 4.7% for Greater Sydney, trending 30 bps higher than the 4.4% recorded in December 2015.
  • Population in Greater Sydney was estimated at 4.9 million persons in 2015. Greater Sydney experienced population growth of 1.7% in the year to June 2015.

Melbourne

  • Gross State Product in Victoria was recorded at $373,624 million in the year to June 2016; 3.5% greater than the prior year.
  • Unemployment as at December 2016 stood at 6.0% for Greater Melbourne, trending 50 bps higher than the 5.5% recorded in December 2015.
  • Population in Greater Melbourne was estimated at 4.5 million persons in 2015. Greater Melbourne experienced population growth of 2.1% in the year to June 2015.

Brisbane

  • Gross State Product in Queensland was recorded at $314,569 million in the year to June 2016; 1.5% greater than the prior year.
  • Unemployment as at December 2016 stood at 5.7% for Greater Brisbane, trending 30 bps higher than the 5.4% recorded in December 2015.
  • Population in Greater Brisbane was estimated at 2.3 million persons in 2015. Greater Brisbane experienced population growth of 1.6% in the year to June 2015.

Perth

  • Gross State Product in Western Australia was recorded at $255,214 million in the year to June 2015; 4.5% greater than the prior year.
  • Unemployment as at December 2016 stood at 7.7% for Greater Perth, trending 100 bps higher than the 6.7% recorded in December 2015.
  • Population in Greater Perth was estimated at 2.0 million persons in 2015. Greater Perth experienced population growth of 1.6% in the year to June 2015.

 Adelaide

  • Gross State Product in South Australia was recorded at $101,096 million in the year to June 2016; 2.6% greater than the prior year.
  • Unemployment as at December 2016 stood at 8.2% for Greater Adelaide, trending 20 bps higher than the 8.0% recorded in December 2015.
  • Population in Greater Adelaide was estimated at 1.3 million persons in 2015. Greater Adelaide experienced population growth of 0.9% in the year to June 2015.

Canberra

  • Gross State Product in the ACT was recorded at $36,225 million in the year to June 2016; 2.4% greater than the prior year.
  • Unemployment as at December 2016 stood at 3.3% for the ACT, trending 70 bps lower than the 4.0% recorded in December 2015.
  • Population in the ACT was estimated at 391,000 persons in 2015. The ACT experienced population growth of 1.4% in the year to June 2015.
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Article originally posted at: https://theurbandeveloper.com/articles/knight-frank-australian-residential-review-report