Auction results fail to find their rhythm as numbers continue to fluctuate | Kanebridge News
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Auction results fail to find their rhythm as numbers continue to fluctuate

Just as auction numbers begin to rise, public holidays slow down activity

By Robyn Willis
Tue, Sep 20, 2022 12:08pmGrey Clock < 1 min

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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RMIT expert says a conflation of factors is making the property market hard than ever to predict

By Robyn Willis
Thu, Oct 6, 2022 9:52am < 1 min

A leading property academic has described navigating the current Australian housing market ‘like steering a ship through a thick fog while trying to avoid obstacles’.

Lecturer in RMIT’s School of Property Construction and Project Management Dr Woon-Weng Wong said the combination of consecutive interest rate rises aimed at combating high inflation, higher property prices during the pandemic and cost of living pressures such as the end of the fuel excise that occurred this week made it increasingly difficult for those looking to enter or upgrade to find the right path.

“Property prices grew by approximately 25 percent over the pandemic so it’s unsurprising that much of that growth ultimately proved unsustainable and the market is now correcting itself,” Dr Wong says. “Despite the recent softening, the market is still significantly above its long-term trend and there are substantial headwinds in the coming months. Headline inflation is still red hot, and the central bank won’t back down until it reins in these spiralling prices.” 

This should be enough to give anyone considering entering the market pause, he says.

“While falling house prices may seem like an ideal situation for those looking to buy, once the high interest rates, taxes and other expenses are considered, the true costs of owning the property are much higher,” Dr Wong says. 

“People also must consider time lags in the rate hikes, which many are yet to feel to brunt of. It can take anywhere from 6 to 24 months before an initial change in interest rates eventually flows on to the rest of the economy, so current mortgage holders and prospective home buyers need to take this into account.” 

 

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