The first week of auction reporting for 2019 saw 526 capital city homes taken to auction, this is down almost 34 per cent on the same week last year when 790 auctions were held.
The first month of the New Year has seen a continuation in the broad-based housing market weakness with every capital city apart from Canberra recording a month-on-month fall in dwelling values.
National dwelling values fell by -2.3% in the last three months 2018, and by -4.8% over the 12 months to December 2018: their largest annual decline since April 2009.
Rental rates across the nation were -0.1% lower in December 2018 and were recorded at a median value of $433/week. While rents fell -0.2% to $462/week across the combined capital cities over the month, rents in the combined regional markets increased by 0.2% to sit at $373/week.
A newly released report focusing on Australia’s property auction market performance found that combined capital city clearance rates dropped to just 43.6 per cent in the 3 months to December 2018, down from 53.6 per cent over the previous quarter and 62.3 per cent over the same period a year prior.
Housing market conditions ended the 2018 calendar year on a weak note, with the rate of decline consistently worsening over the year. National dwelling values were down 2.3% over the December quarter; the largest quarter on quarter decline since the December quarter of 2008.
There were 2,406 homes taken to auction over the week, down from both the previous week when 2,631 auctions were held, and this week last year when 2,890 auctions were held across the combined capital cities.
This week, the busiest suburb for auctions is in Victoria where Bentleigh East has 20 homes scheduled for auction. Followed by Craigieburn also in Victoria with 17 scheduled auctions, while St Ives (NSW) and Bentleigh (Vic) each have 15 auctions scheduled.
Housing data analysed across Australian SA3 sub-regions reveals the 50 areas of Australia that have recorded the largest falls and largest gains in dwelling values over the 12 months to November 2018.
There were 2,614 homes taken to auction over the week, down from the previous week when 2,749 auctions were held, and lower than this week last year when 3,371 auctions were held across the combined capital cities.
As dwelling values and transactions decline and stock for sale mounts properties are taking longer to sell across most regions of the country.
As credit availability has continually tightened over recent years, transaction volumes in the housing market has fallen leading to a reduction in turnover.