The busiest capital city suburbs for auctions this week are in NSW and Vic, where Footscray tops the list with 8 homes set to be auctioned. Manly (NSW) and Craigieburn (Vic) follow closely with 7 scheduled auctions each.
The first week of auction reporting for 2019 saw 526 capital city homes taken to auction, this is down almost 34 per cent on the same week last year when 790 auctions were held.
The first month of the New Year has seen a continuation in the broad-based housing market weakness with every capital city apart from Canberra recording a month-on-month fall in dwelling values.
Key findings from the CoreLogic Pain & Gain Report for the September 2018 Quarter show that Australian properties resold for $14.06 billion in profits, but 11.1% of homes were resold at a loss.
Housing market conditions ended the 2018 calendar year on a weak note, with the rate of decline consistently worsening over the year. National dwelling values were down 2.3% over the December quarter; the largest quarter on quarter decline since the December quarter of 2008.
There were 2,406 homes taken to auction over the week, down from both the previous week when 2,631 auctions were held, and this week last year when 2,890 auctions were held across the combined capital cities.
This week, the busiest suburb for auctions is in Victoria where Bentleigh East has 20 homes scheduled for auction. Followed by Craigieburn also in Victoria with 17 scheduled auctions, while St Ives (NSW) and Bentleigh (Vic) each have 15 auctions scheduled.
Housing data analysed across Australian SA3 sub-regions reveals the 50 areas of Australia that have recorded the largest falls and largest gains in dwelling values over the 12 months to November 2018.
There were 2,614 homes taken to auction over the week, down from the previous week when 2,749 auctions were held, and lower than this week last year when 3,371 auctions were held across the combined capital cities.
As dwelling values and transactions decline and stock for sale mounts properties are taking longer to sell across most regions of the country.
As credit availability has continually tightened over recent years, transaction volumes in the housing market has fallen leading to a reduction in turnover.
The busiest suburb for auctions this week is Victoria’s Reservoir, with 26 homes set to go under the hammer. Following with 19 scheduled auctions each is Port Macquarie and Randwick both in NSW and Glen Waverley (Vic).