Grand finals and long weekends play havoc with auction listings
After a quiet weekend for Melbourne, it’s Sydney’s turn for a drop in available properties
After a quiet weekend for Melbourne, it’s Sydney’s turn for a drop in available properties
Grand finals and public holidays continue to play havoc with auction listings this weekend. CoreLogic reports that 1,600 homes across the country will go under the hammer this weekend, which is -16.4 percent down on this time last year and -24.6 percent less than two weeks ago.
Last weekend’s AFL grand final and public holiday had a similar effect on Melbourne markets, with just 130 homes ready to be sold. It’s a completely different story in the Victorian capital this week though, with 828 homes due to be auctioned.
With the NRL grand final on this Sunday followed by the holiday Monday for the October long weekend, it’s Sydney’s turn for a quieter market, with 523 auctions scheduled, down -32.5 percent on the previous week.
Aside from Perth, which has seen week-on-week increases in volumes, the smaller capitals are forecasting declines, with 122 auctions on the books for Brisbane, 105 for Adelaide and 61 for Canberra. Tasmania has just two properties set for auction this weekend.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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