This week, CoreLogic is currently tracking 1,690 capital city auctions, decreasing from the 1,839 auctions held last week. While one year ago a significantly lower 493 auctions were held over what was the Easter period last year.
The Sydney housing market has remained a contentious subject over the past 12 months, with 2017 recording its fair share of ups and downs – depending on your perspective of course, says CoreLogic head of research Tim Lawless.
The weighted average preliminary clearance rate rose across a higher volume of auctions this week with 1,813 homes taken to market returning a 65.3% success rate.
Earlier last week the Reserve Bank (RBA) published their latest household finance ratios which showed the ratio of household and housing debt to disposable income continued to climb over the December 2017 quarter, reaching a new record high.
The number of homes scheduled to go to auction this week will increase across the combined capital cities with 1,679 currently being tracked by CoreLogic, up from last week when only 670 auctions were held over the Easter period slowdown.
Across the combined capital cities, the preliminary auction clearance rate rose to 72.2 per cent, from 62.7 per cent the previous week.
CoreLogic head of research Tim Lawless delivers refreshing insights for those looking to enter the regional property market where the unemployment rate is below 4%!
According to the CoreLogic hedonic home value index, national dwelling values were unchanged in March, with the steady month on month reading comprised of a 0.2% fall in capital city dwelling values while the combined regional markets saw values rise by 0.4%.
CoreLogic head of research Tim Lawless reviews the recent release of Socio-Economic Indexes for Areas (SEIFA) by the Australian Bureau of Statistics. The SEIFA indices provides a summary of the areas around the country that are highly advantaged and disadvantaged in terms of their socio-economic profile.
Given the upcoming Easter long weekend, auction volumes are much lower this week with only 540 capital city auctions scheduled; significantly lower than last week when 3,990 auctions were held across the combined capital cities.
Auction activity reaches its highest level not only over the year-to-date, but the highest volume of auctions ever recorded across the combined capital cities and Melbourne individually.
Changes to migration policy would dampen housing demand, likely impacting the New South Wales housing market more than others.