COVID-19 continues to show an acute impact on inner city rental markets, the latest CoreLogic data on rental listings has revealed.
There are 1,085 homes scheduled for auction across the combined capital cities this week, down slightly on the 1,150 auctions last week and lower than the 1,228 last year.
There were 1,160 homes taken to auction across the combined capital cities this week, similar to the previous week when 1,154 auctions were held, and slightly higher than this time last year (1,111).
Not every Australian housing market has performed the same way since the onset of the COVID-19 pandemic.
This week, auction volumes are expected to remain somewhat steady on both a week-on-week and year-on-year basis.
At its August 2020 meeting, the Reserve Bank of Australia announced the cash rate target would be held at 0.25%.
The combined capital city preliminary clearance rate improved across a lower volume of auctions this week.
Australian housing values racked up a third consecutive month of declines in July, with CoreLogic’s home value index dropping 0.6% over the month, a slight improvement from June when the national series was down 0.7%.
There are 1,206 capital city auctions being tracked by CoreLogic this week, down from 1,326 auctions last week, but higher than this time last year when 1,108 homes were taken to auction.
On the 27th of July, the New South Wales government announced eligible first home buyers could access stamp duty exemptions on new home purchases worth up to $800,000. Based on housing market trends that emerged from the initial introduction of stamp duty discounts and other first home buyer incentives,...
Eliza Owen, Head of Research Australia provides analysis into the state of the rental market over the latest quarter amid COVID-19.
The final clearance rate for Melbourne over the week ending 19th of July was 43.8%. This has fallen from 51.2% in the previous week and the low 60% range over the prior three weeks.