There are 3,101 capital city homes scheduled for auction this week, up on the 2,905 last week and the 711 auctions held one year ago.
Record low mortgage rates, and an expectation interest rates will remain low for an extended period of time, have played a central role in stoking Australia’s economic recovery and rebound in housing markets.
Housing markets around Australia continued to surge in May with CoreLogic’s national Home Value Index up 2.2% over the month.
Sydney is the most expensive capital city by some margin, implying the financial commitment is more significant than other regions. It also has the lowest rental yields, signaling some imbalance between housing values and rental rates. So why does NSW have the highest concentration of investors?
This week was set to be the second biggest auction week so far this year however with the announcement of another lockdown in Victoria on Thursday, volumes dropped slightly.
CoreLogic has released its latest Quarterly Economic & Property Market Review which provides a comprehensive overview of housing market performance through the start of 2021.
There are 3,162 capital city homes set to go under the hammer this week, increasing by 11% on last week’s 2,838 auctions held. This week’s volumes are expected to surpass the 3,016 auctions held in early May as the second busiest week of 2021.
Rent values across the combined regional markets have outpaced capital city rents with a growth rate almost three times the size in the 12 months to April.
There were 2,845 homes taken to auction across the combined capital cities this week, compared to 2,905 over the previous week and 612 this time last year. A preliminary auction clearance rate of 78.2 per cent has been recorded across the 2,377 results collected so far.
Auction activity is expected to remain relatively steady week-on-week across the combined capital cities, with only 26 fewer homes set for auction over the week. There are 2,879 auctions scheduled to take place this week, while last week 2,905 auctions were held.
Australia’s regional housing market has far outpaced value growth across Australia’s capital cities in the last 12 months, rising 13.0% compared with a 6.4% gain in capital city values.
Auction volumes were down slightly week-on-week with 2,892 homes taken to auction across the combined capital cities this week. Preliminary results show that of the 2,454 results collected so far, 79.0 per cent were successful. In comparison, the previous week saw 3,016 homes taken to auction, returning a...