The number of properties that sell within a given year accounts for a very small portion of the overall market and has trended even lower over recent years. Over the 12 months to July 2018, 4.6 per cent of national dwellings transacted, down from 5.3 per cent a year ago.
Technology is ‘learning’ to look at images of property and assess the value. Chief analytics architect at CoreLogic, Scott Matthews, explains what this means for the future of buying property and the humans in the process.
While preliminary results show an improvement on last week’s final clearance rates, it’s likely that the final weighted average result will see its usual downward revision as more results are collected and come in below 50 per cent for the 3rd consecutive week.
The Australian Bureau of Statistics published building activity data this week which showed there were 227,122 dwellings under construction nationally, only slightly lower (0.6%) than the record high set over the March quarter earlier this year. 69% of these dwellings were classified as ‘other residential...
This week, Reservoir in Victoria is the busiest suburb for auctions with 23 homes set to go under the hammer, followed by Surry Hills in NSW where 14 auctions will take place, while Bentleigh, Craigieburn and Noble Park all in Victoria, come in equal third place with 13 scheduled auctions each.
The higher volumes returned a preliminary auction clearance rate of 53.7 per cent, increasing on last week when the subdued activity returned a final auction clearance rate of 45.8 per cent; the lowest clearance rate seen since June 2012 (42.0 per cent).
With rapid population growth and a surge in high rise towers, many of Australia’s inner city regions have seen a surge in the population density.
Three of the four busiest suburbs for auctions this week are in Melbourne with Reservoir coming in first place hosting 21 auctions.
One of the big questions being asked in Australia's property sector at the moment is whether machines are starting to take over the task of valuing homes.
Auction activity takes a back seat to Grand Finals and long weekend festivities, sending the preliminary combined capitals clearance rate below 50% for the first time since December 2012.
Nearly all suburbs on Australia’s ‘Top Rental Performers’ list are located in regional and coastal markets or Australia's smaller capitals, a result influenced by housing affordability and an extended period of growth across the Eastern capitals, which is only recently showing signs of ending.