Auction results fail to find their rhythm as numbers continue to fluctuate
Just as auction numbers begin to rise, public holidays slow down activity
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Auction activity continues to fluctuate, with last weekend recording its biggest numbers since late June, CoreLogic reports.
There were 2,190 auctions held across the capitals, up from 1918 the week before and 1672 this time last year.
Clearance rates told a slightly different story, with 62.5 percent of auctions resulting in a sale. While that is slightly up from 61.7 percent last week, this time last year, clearance rates were at 75.1 percent.
Capital city auction numbers are expected to drop once again next week, thanks to public holidays and the AFL grand final in Melbourne.
In Sydney, 771 homes went under the hammer over the weekend, up 10.5 percent from the previous week, with a clearance rate of 60.2 percent. In Melbourne, numbers were higher, with 996 homes auctioned, up 17.6 percent from the previous week. Clearance rates were also higher, at 64.4 percent.
In the smaller capitals, Brisbane was the biggest market, with 168 homes auctioned, followed by Adelaide with 132 and Canberra with 102. Of the three, Adelaide topped the clearance rates at 75.6 percent. Canberra followed with 65.8 percent and then Brisbane with 52.8 percent.
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The Westpac-Melbourne Institute Consumer Sentiment Index slipped to 84.6 in September from 85.0 in August
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SYDNEY—Australian consumer confidence fell in September amid concerns about job security as economic growth slows to a crawl.
The Westpac-Melbourne Institute Consumer Sentiment Index slipped 0.5% to 84.6 in September from 85.0 in August.
While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac’s Head of Australian Macro-Forecasting, Matthew Hassan.
Consumers remain concerned about rising inflation, which is stoking concerns that interest rates may rise further, Hassan added.
The report comes a week after data showed the economy barely registered a pulse in the second quarter as consumer spending dropped sharply.
On-year GDP growth in the second quarter was the weakest since the early 1990s, excluding the pandemic years.
At the same time, the Reserve Bank of Australia continued to signal that interest rate cuts are unlikely in the near term, while adding that under certain circumstances a further hike in interest rates may be needed.
The RBA remains concerned about price growth, with core inflation remaining stubbornly elevated at nearly 4.0% on year in the second quarter.
Still, while consumers are downbeat, economists expect spending to regather momentum over coming quarters as income tax cuts delivered in July boost household budgets.
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