Christmas Rush Imminent As Auction Listings Double | Kanebridge News
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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.


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

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Philip Lowe’s comments come amid property industry concerns about pressures on mortgage holders and rising rents

Wed, Jun 7, 2023 2 min

Leaders in Australia’s property industry are calling on the RBA to hit the pause button on further interest rate rises following yesterday’s announcement to raise the cash rate to 4.1 percent.

CEO of the REINSW, Tim McKibbin, said it was time to let the 12 interest rate rises since May last year take effect.

“The REINSW would like to see the RBA hit pause and allow the 12 rate rises to date work their way through the economy. Property prices have rebounded because of supply and demand. I think that will continue with the rate rise,” said Mr McKibbin.  

The Real Estate Institute of Australia  today released its Housing Affordability Report for the March 2023 quarter which showed that in NSW, the proportion of family income required to meet the average loan repayments has risen to 55 percent, up from 44.5 percent a year ago.

Chief economist at Ray White, Nerida Conisbee, said while this latest increase would probably not push Australia into a recession, it had major implications for the housing market and the needs of ordinary Australians.

“As more countries head into recession, at this point, it does look like the RBA’s “narrow path” will get us through while taming inflation,” she said. 

“In the meantime however, it is creating a headache for renters, buyers and new housing supply that is going to take many years to resolve. 

“And every interest rate rise is extending that pain.”

In a speech to guests at Morgan Stanley’s Australia Summit released today, Governor Philip Lowe addressed the RBA board’s ‘narrow path’ approach, navigating continued economic growth while pushing inflation from its current level of 6.8 percent down to a more acceptable level of 2 to 3 percent.

“It is still possible to navigate this path and our ambition is to do so,” Mr Lowe said. “But it is a narrow path and likely to be a bumpy one, with risks on both sides.”

However, he said the alternative is persistent high inflation, which would do the national economy more damage in the longer term.

“If inflation stays high for too long, it will become ingrained in people’s expectations and high inflation will then be self-perpetuating,” he said. “As the historical experiences shows, the inevitable result of this would be even higher interest rates and, at some point, a larger increase in unemployment to get rid of the ingrained inflation. 

“The Board’s priority is to do what it can to avoid this.”

While acknowledging that another rate rise would adversely affect many households, Mr Lowe said it was unavoidable if inflation was to be tamed.

“It is certainly true that if the Board had not lifted interest rates as it has done, some households would have avoided, for a short period, the financial pressures that come with higher mortgage rates,” he said. 

“But this short-term gain would have been at a much higher medium-term cost. If we had not tightened monetary policy, the cost of living would be higher for longer. This would hurt all Australians and the functioning of our economy and would ultimately require even higher interest rates to bring inflation back down. 

“So, as difficult as it is, the rise in interest rates is necessary to bring inflation back to target in a reasonable timeframe.”


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

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