Christmas Rush Imminent As Auction Listings Double
Kanebridge News
Share Button

Christmas Rush Imminent As Auction Listings Double

More than 4000 properties are slated for auction this week.

By Terry Christodoulou
Thu, Nov 25, 2021 1:29pmGrey Clock < 1 min

The balance between home buyers and sellers is set to dramatically shift this week as a record number of homes go to auction across the country.

The number of homes set to go under the hammer has surged to 4354 this week as Sydney, Adelaide and Canberra posted their largest auction volumes ever, according to CoreLogic.

Auction listings have jumped by 17% nationwide over the week and have doubled the number recorded this time last year, as vendors want to get deals done before the Christmas break.

It’s also the first-time auction listings across the combined capitals will exceed 4000, overtaking the previous high of 3990 during the week ending March 25, 2018.

Melbourne is set to lead the charge with 1898 homes – a 14.5% rise over the week, more than double the number of auctions this time last year.

Sydney, Adelaide, and Canberra are set to host their highest auction volumes on record with 1656, 308 and 183 homes scheduled to go under the hammer.

Auction volumes bottomed out nationally in September and have climbed around 10% each week for a total increase of more than 200%.

The high number of properties for sale has dampened buying competition and has resulted in a falling clearance rate.

Since its peak of 83.2% in October, the clearance rate has dropped to 70.3% this week – similar to last year’s figures.

Across Sydney, the clearance rate for the week dropped to 68.7% — its lowest level this year.



MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
The crafty workarounds would-be buyers use to get into the market
By Bronwyn Allen 28/03/2024
Property
Australian mortgage holders defying predictions and managing debt
By Bronwyn Allen 26/03/2024
Property
Australian construction and property industries tackle modern slavery
By KANEBRIDGE NEWS 25/03/2024
The crafty workarounds would-be buyers use to get into the market

First time buyers determined to enter the Australian property market are taking creative approaches as interest rates steady

By Bronwyn Allen
Thu, Mar 28, 2024 2 min

Aspiring first home buyers are increasingly pooling their resources, adopting new strategies and making compromises to get themselves onto the property ladder, according to research from Westpac. About 56 percent of buyers surveyed are planning to buy their first property jointly with their partner compared to 40 percent three years ago. Three in four buyers say they are willing to compromise on location, up nine percent from three years ago, and 47 percent are willing to pay lenders mortgage insurance to buy their first home sooner.

Additionally, one in two first home hopefuls are considering ‘rentvesting’, whereby they purchase an investment property first ahead of a home for themselves. In this scenario, buyers typically continue renting in expensive lifestyle locations where they want to live and buy an investment property in more affordable locations, often on the outskirts of major cities or in regional areas.

The 2024 Westpac Home Ownership Report, released this month, is based on a survey of 2,015 Australians conducted in January. The report revealed increasing intentions to buy among all types of buyers, with 44 percent intending to buy in the next five years, up from 35 percent in July 2023. This may reflect expectations that interest rates have peaked, with the Reserve Bank keeping rates on hold since December.

Among first home buyers specifically, there was a slight decline in purchasing intention over the next five years, with 86 percent delaying buying a home due to cost-of-living pressures. The survey also found that more people are planning to buy an investment property, which is reflected in recent finance data from the Australian Bureau of Statistics showing a 20 percent increase in the value of investor loans issued over the past year. Additionally, more people are planning to upsize their homes or renovate their existing homes.

Westpac managing director of mortgages Damien MacRae said first home buyers “are becoming more ruthless with their goals”. “They understand it’s a big task, but they are determined to break into the market and are willing to compromise to get there,” Mr MacRae said.

Buyers still prefer houses, but there has been a five percent decline in this preference since 2021 and a seven percent increase for apartments. Preference for a townhouse, or house and land packages, has increased markedly. “Buyers are casting their expectations wider, willing to compromise on location and are forgoing everyday luxuries like food delivery. They are also more inclined to relocate and move to apartment living.”

The latest Westpac-Melbourne Institute Consumer Sentiment Index released this week shows the ‘time to buy a dwelling’ index rose 4.9 percent to 77.8 out of 100 this month, which is a 15-month high, but still relatively weak overall. Buyer sentiment is notably stronger in Victoria at 84.3, with Westpac senior economist Matthew Hassan pointing to softening home values over the past four months.

In contrast, the NSW index is at 73.3 out of 100, likely reflecting affordability challenges in Australia’s most expensive market. “Nearly 70 percent of consumers expect housing prices to continue rising in the year ahead,” Mr Hassan added.

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

Related Stories
Lifestyle
Tornados! Fire! Ice Storms! These Real-Estate Agents Risk Life and Limb for the Sale
By ROBYN A. FRIEDMAN 03/12/2023
Money
The top Australian super funds of 2023 revealed
By Bronwyn Allen 30/01/2024
Money
Welcome to the Era of BadGPTs
By BELLE LIN 29/02/2024
0
    Your Cart
    Your cart is emptyReturn to Shop