The number of homes scheduled to go to auction this week is set to rise across the combined capital cities with CoreLogic currently tracking 2,602 auctions, up from 2,386 over the previous week.
The Australian Bureau of Statistics (ABS) released housing finance data for September 2018 earlier today and it showed a further weakening of demand for mortgages. Over the month, the total value of housing finance commitments was recorded at $29.1 billion which was the lowest monthly value since August 2014....
As the number of auctions held continues the seasonal rise, clearance rates are consistently trending lower, with the weighted average clearance rate recording seven weeks in a row below 50%
This week, the number of auctions scheduled to take place across the combined capital cities is expected to rise, with 2,276 currently being tracked by CoreLogic, increasing from the 1,541 auctions held last week, although lower than results from one year ago (2,907).
This week’s Property Pulse takes a look at city-wide median dwelling values and compares those to each of the SA4 sub-regions within the capital cities to get a better understanding of typical housing costs from region to region.
According to the latest CoreLogic Home Value Index results for October 2018, national dwelling values have fallen by -3.5% over the past year and are -3.5% lower than their peak. Although this is a pretty moderate fall it is interesting to take a look at what this means and where values sit historically.
This week, there are fewer auctions scheduled to take place across the combined capital cities, with 1,438 currently being tracked by CoreLogic, which is half the volume of auctions recorded last week when the combined capital cities saw 2,928 homes taken to auction.
On a rolling quarterly basis, dwelling values are now trending lower across both the combined capital city regions (-1.6%) as well as the combined regional areas of Australia (-0.7%).
Preliminary results show half of the homes taken to auction across the combined capital cities were successful over the 5th busiest auction week of the year
Almost half of Australia’s SA4 sub-regions have recorded a rise in dwelling values over the past twelve months.