Traditionally, auction activity ramps up around late October through to December each year and it is not uncommon to have weeks where volumes are in excess of 3,000 during that time so it will be interesting to see what volumes are like this year given the softening market.
Although freshly advertised stock is low, total advertised listing numbers have been trending higher as the rate of absorption slows. In fact, if the current trend continues, we will see the number of properties available for sale exceed the recent 2012 peak in total advertised stock levels.
Around 15 per cent of Australia’s population, or 3.8 million people, is currently aged 65 and over – and this is projected to more than double by 2057. This ageing population presents many challenges. But technology is coming to the rescue.
The busiest suburb for auctions this week is Victoria’s Bentleigh East with 23 scheduled auctions, followed by Glen Waverley and Reservoir (Vic) where each will see 19 auctions take place. While the NSW suburb of Baulkham Hills made 3rd place this week, with a total of 15 homes to be auctioned.
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.
20,653 homes went under the hammer across Australia’s combined capital cities in the 3 months to September 2018 - the lowest volume of auctions recorded in a quarter since the March 2017 quarter, when 19,241 homes went to auction.
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...
In the run-up phase of the mining boom there were two Australian regions that recorded spectacular capital gains, fueled by a surge in investment coupled with big pay packets, generous corporate subsidies for housing costs and a severe undersupply of housing relative to the growth in housing demand from...
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).