The number of homes scheduled for auction continues to trend lower, with only 365 auctions to take place this week, lower than the 480 auctions last week.
The combined capital city preliminary auction clearance rate bounced back above 60% for the first time since late March, with 64.5% of homes selling this week.
Temporary bans in on-site auctions have led to significant shifts in the auction data. Here is a breakdown of the statistics, and how to interpret them.
There are 424 capital city homes scheduled for auction this week, down on the 612 homes auctioned last week.
The cash rate was unchanged at today’s RBA board meeting, holding at the record low of 0.25%, which is where it’s likely to stay until at 2023.
This week, 590 capital city homes were scheduled for auction, with preliminary results returning a 59.6 per cent clearance rate.
According to the CoreLogic Home Value Index results out today, Australian housing values have not seen any evidence of a material decline in April, despite a sharp drop in market activity and a severe weakening in consumer sentiment.
COVID-19 is having varied impacts on residential property, but arguably the biggest impact could be in the rental space. But the impact on different regions will vary, depending on how exposed markets are to tourism, migration and job losses.
The combined capital city auction market is expected to see a slight increase in auction volumes this week, after last week saw a dip in numbers as the nation stopped to commemorate ANZAC day.
Rent values increased 0.3% nationally over the month of March. Despite rental value increases, this has decelerated from a recent peak growth rate of 0.5% in January 2020.
The number of homes scheduled for auction this week takes a dive, with only 314 properties scheduled for auction across the combined capital cities.
The Australian economy is forecast to see its biggest contraction since the 1930's. So how is it that property values have not started to fall? In this blog we explore some of the factors that are keeping property prices relatively stable.