Australian property market slows as vendors hold off for the summer holidays
It’s beginning to look a lot like Christmas, as auction listings ease off ahead of the holiday season.
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Vendors may be holding off as December comes to a close, with auction listings falling more than -12 percent across the country, CoreLogic reports.
There are 2,373 properties scheduled to go to market this weekend, down from 2,717 last week, representing a -12.7 percent decrease. It is also -50.4 percent less than this time last year when 4,783 homes went under the hammer.
Melbourne once again leads the way, with 1,053 properties listed for auction, while in Sydney, 827 will be put to market. Those figures are more than -14 percent lower than the previous week for both capitals.
Brisbane will actually see an increase in activity this weekend, with 185 homes listed compared with 180 the previous week. In Adelaide, the 178 properties put to market represent a -6.8 percent fall week-on-week. Perth is faring better, with 25 home going to auction, up from 12 the previous week. Tasmania is the only state to record higher auction numbers compared with this time last year, with five properties scheduled this weekend, rather than three last year.
The market is set to slow down even more during Christmas week, with CoreLogic reporting just 380 homes scheduled to go to auction at this stage.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The construction sector is roaring back to life in some Australian states while others languish in the doldrums
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The home building market is on the rebound as building approvals rise, new data reveals.
Information from the Australian Bureau of Statistics shows that the total number of dwellings approved in August was up 7 percent seasonally adjusted, with apartments leading the way.
Private sector house approvals gained 5.8 percent in August while private sector residences excluding houses were up 9.4 percent. This follows on from a decrease of 14.6 percent in July and indicates a solid recovery in the Australian construction sector as the end of the year approaches.
Approvals for total dwellings were strongest in the two largest states, with Victoria recording a rise of 22.2 percent and NSW 12.5 percent. Western Australia also saw a significant rise of 12.3 percent.
In Queensland, the results were less positive for the sector, with total dwelling approvals falling by -26.9 percent. Tasmania also experienced a drop in approvals in August, down -10.1 percent and South Australia -6.9 percent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
