Auction volumes are set to rise with 2,885 capital city homes to go under the hammer this week, an increase of 38% on last week’s number of auctions held (2,087). One year ago, a lower 612 homes were auctioned as restrictions inhibiting on-site auctions and inspections saw activity plummet over this period.
CoreLogic’s Rental Review for the March 2021 quarter revealed a surge in national rental rates of 3.2% however the drivers of this growth are diverse, with the regions, Darwin and Perth collectively driving much of the increase.
There were 2,041 capital city homes taken to auction this week and of the 1,642 results collected so far, a 78.5% preliminary auction clearance rate was recorded.
The pace of capital gains across Australian housing markets has been close to record breaking, with the national growth rate in March the fastest since 1988. But there are some early signs the exuberance in the housing market may be peaking.
For Earth Day 2021, CoreLogic has conducted a new study into Sydney’s housing market and greenspace, finding a ‘positive but weak’ relationship between greenspace and housing prices.
There are fewer homes scheduled for auction this week across the combined capital cities, with CoreLogic currently tracking 2,099 auctions, down on the 2,467 auctions held last week, although higher than the 413 held one year ago.
This week the combined capital city preliminary clearance rate saw a slight improvement compared with last week, as the number of auctions held continued to bounce back from the Easter slowdown. There were 2,448 homes taken to auction this week, returning a preliminary auction clearance rate of 80.5%.
One of the most prominent trends in Australian housing markets over the past 12 months has been the deterioration of rents in inner city apartment markets across Sydney and Melbourne. While these markets are far from recovery, there are signs that conditions may be stabilising, particularly across Sydney.
Auction volumes are expected to rise across the combined capital cities this week with CoreLogic currently tracking 2,496 auctions, up from last week’s 2,199 and last year’s 1,922 auctions held.
Comparing current capital city values with previous peaks adds some perspective to the current housing market upswing – particularly in Perth and Darwin, where values remain substantially below their record highs from 2014. It also highlights the very different dynamics across capital cities – such as in the...
Auction volumes rose across the combined capital cities this week with 2,170 homes taken to auction, increasing on the 845 auctions held over the Easter week.
CoreLogic’s Quarterly Auction Market Review released today revealed Australia’s combined capital cities clearance rate reached 80.0% over the first quarter of 2021, up from 69.4% in the December 2020 quarter and 62.5% in the March quarter of 2020.