Grand finals and long weekends play havoc with auction listings | Kanebridge News
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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

By Robyn Willis
Thu, Sep 29, 2022 10:48amGrey Clock < 1 min

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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Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.

The property data provider reports that their Home Value Index has noted a third consecutive rise in values  in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.

Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.

Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.

CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.

 “Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3 percent lower than they were at the same time last year and -24.4 percent below the previous five-year average for this time of year,” he said.

“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market. 

“Amid increased competition, auction clearance rates have trended higher, holding at 70 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.” 

Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.

The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.

“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.

“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”

 

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