A BUSY WEEKEND FOR AUCTIONEERS AS PROPERTY MARKET GETS BACK INTO GEAR ACROSS AUSTRALIA
It’s the busiest weekend for residential auctions since June, but the market remains tight
It’s the busiest weekend for residential auctions since June, but the market remains tight
Real estate agents are preparing themselves for a busy weekend as the number of properties for sale across the country increases significantly.
After numbers of properties for auction hovering around 1900 nationwide, CoreLogic reports that 2,283 home will be offered for sale – a 19.1 percent increase on the previous week and the busiest week since late June.
Melbourne leads the country, with 953 homes put to market this weekend. While those numbers represent a 19.6 percent increase on the previous week, they are -39.1 percent on this time last year.
The Sydney market will also be its busiest since late June, with 871 homes scheduled for auction. It’s a 23.7 percent increase on last week, but -30.8 percent down on this time last year, when 1,259 properties went to market.
The smaller capitals saw similar improvements on last week, with Brisbane offering 174 homes, Adelaide 154 homes and 108 homes in Canberra. On the west coast, Perth has 18 homes scheduled for auction, while across the Tasman Sea, five homes will be auctioned in Tasmania.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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