Auction activity is set to increase this week across the combined capital cities, with 2,832 properties scheduled to go to auction, up from last week’s final result of 1,764 auctions held.
The December quarter regional market update produced by CoreLogic shows a change in direction where for several quarters, the NSW Illawarra region topped the list as the country’s best performing regional market.
This week’s Property Pulse looks at the suburbs across the capital cities in which houses and units which had the shortest median days on market throughout 2017.
Auction activity is expect to be somewhat sedate this week, with a total of 1,526 homes scheduled for auction across the combined capital cities, down 50 per cent on last week’s final results which saw a total of 3,026 auctions held.
There were 2,980 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 65.9 per cent, while last week, 3,313 auctions were held and the final clearance rate came in at 66.8 per cent
The latest data from the Reserve Bank (RBA) shows that the expansion of housing credit is occurring at a historically sluggish pace as tighter credit policies and slower housing market conditions dampen investment participation in the housing market.
Headline capital city value change figures only tell part of the story, more detailed insights can be seen by observing changes in dwelling values across smaller geographies.
There are fewer auctions scheduled across the combined capital cities this week, after last week saw volumes reach their highest level so far this year (3,313).
According to the CoreLogic Home Value Index results out today, dwelling values edged lower across most capital cities over the month, with broad based falls weighing down dwelling values nationally for the fifth consecutive month.
Auction volumes surge past 3,000 for the first time this year returning a strong preliminary auction clearance rate of 70.5 per cent.
In this week’s Property Pulse we take a look at the housing cycle over the past two decades focusing on growth throughout the regions in five year increments.
Although dwelling values have started falling in Sydney, the city remains substantially more expensive than the other capital cities. In fact, whether you look at the cost of houses or the cost of units, Sydney stands out as being much more expensive.