There were 2,017 homes taken to auction across the combined capital cities this week, up from 1,324 over the previous week.
Over the 3 months to September 2019 the clearance rate across the combined capital cities came in at 69 9 per cent across 16 730 auctions, the strongest quarterly clearance rate seen since the June 2017 quarter 71 7 per cent) In
Despite rising home values in some cities and a lift in buyer numbers, the seasonal ramp up in fresh real estate listings has been mild relative to prior years.
Auction volumes are set to increase across the combined capital cities this week with CoreLogic currently tracking 1,857 auctions, similar to this time last year when 1,851 homes were taken to auction across the capitals.
There were 1,324 homes taken to auction across the combined capital cities this week, slightly up on the previous week when 1,278 auctions were held.
After recording the largest losses during the recent housing market downturn, the premium end of Sydney and Melbourne’s housing market is driving the rebound in capital gains
Auction activity is expected to remain relatively steady week-on-week across the combined capital cities, with 1,236 homes scheduled to go under the hammer this week, compared to last week’s 1,278 auctions held. Over the same week one year ago, a higher 1,817 capital city homes were auctioned.
The CoreLogic September home value index results saw the national index post the largest monthly gain since March 2017, largely driven by a strong rebound in Sydney and Melbourne where values were up 1.7% over the month.
There was a significant drop in the number of auctions across the combined capital cities this week, with 1,262 homes taken to auction, down on the 1,983 auctions held at final results last week.
Most Australians could well assume that recent falls in housing values have translated into more affordable housing. Lower prices, after all, should equate to better affordability.
Housing sales activity slumped during the housing downturn, however the recent trend shows turnover has levelled out as home values rise and mortgage rates reach the lowest level since the 1950’s.