A newly released CoreLogic report focusing on Australia’s property market performance in larger regions outside of the capitals has found the Geelong region recorded the largest annual increase in median values for both houses and units.
There were 2,689 homes taken to auction over the week, down from the previous week when 2,745 auctions were held, and much lower than this week last year when 3,438 auctions were held across the combined capital cities.
The volume of housing stock listed for sale is currently higher, for this time of year, than it has been in many years. Data suggests that it isn’t a dumping of stock onto the market which is leading to a lift in total listings, rather the fact there are fewer buyers and sales are taking longer to achieve.
Four of the five busiest suburbs for auctions are in Victoria this week. Preston tops the list with 18 homes scheduled for auction, followed by Northcote (17) and Epping (16). While Manly in NSW and Glen Waverley (Vic) will each host 15 auctions.
Although nationally dwelling values have now fallen by -3.5% from their peak with much larger falls in Sydney, Melbourne, Perth and Darwin, the reality is there has been very little improvement in housing affordability.
Preliminary results show a clearance rate of 45.5 per cent this week, compared to 43.3 per cent last week, while one year ago, a final clearance rate of 60.9 per cent was recorded. As final results are collected we will likely see the clearance rate revise down below 45 per cent for the third consecutive...
This week’s Property Pulse looks at property sales over the past 12 years and compares them to the original advertised price to see if they sell for more, less or the same as that price and whether these trends are changing.
Since Q2 2018, the Perth market has lost momentum and the downwards trend in values has gathered some pace. For Perth property owners, as well as industry professionals in the finance and real estate sectors, the ongoing weakness in the Perth housing market is troubling.
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%