More properties for auction and higher clearance rates as confidence returns to the Australian market

Australian auction rates have picked up the pace as summer winds down, with homes scheduled to go under the hammer above 2,000 for the first time this year, CoreLogic reports.

A total of 2,459 homes in the country’s capital cities are listed for auction this week, up 33.2 percent on the previous week. While it’s a substantial rise in one week, numbers are still -27.4 percent down on this time last year.

Melbourne has the most homes set to go under the hammer, with 1,142 homes scheduled, representing a 40.3 percent increase on last week. This is followed by Sydney, with 907 homes. It’s a quieter week in the smaller capitals, with 144 homes scheduled for Brisbane, followed by Canberra with 136 and Adelaide with 121. In Perth, six homes are scheduled for auction, while there are just three homes going to market across Tasmania.

In further signs that confidence is returning to the market, CoreLogic data reveals clearance rates are also on the rise. In Sydney, the clearance rate for the last week of February now stands at 71.9 percent, with the inner west the strongest performer at 85.7 percent.

In Melbourne, where last week’s clearance rate was 65.6 percent, the outer east recorded the highest clearance rate of 83.3 percent, according to CoreLogic.

Adelaide had the highest clearance rate of the capitals however, with 72.6 percent, while Perth’s clearance rate was just 28.6 percent.

Pantone has released its 2024 Colour of the Year — and it’s warm and fuzzy.

Peach Fuzz has been named as the colour to sum up the year ahead, chosen to imbue a sense of “kindness and tenderness, communicating a message of caring and sharing, community and collaboration” said vice president of the Pantone Color Institute, Laurie Pressman.

“A warm and cosy shade highlighting our desire for togetherness with others or for enjoying a moment of stillness and the feeling of sanctuary this creates, PANTONE 13-1023 Peach Fuzz presents a fresh approach to a new softness,” she said.

Pantone Colour of the Year is often a reflection of world mood and events

The choice of a soft pastel will come as little surprise to those who follow the Pantone releases, which are often a reflection of world affairs and community mood. Typically, when economies are buoyant and international security is assured, colours tend to the bolder spectrum. Given the ongoing war in Ukraine, the Israeli-Gaza conflict and talk of recession in many countries, the choice of a softer, more reassuring colour is predictable.

“At a time of turmoil in many aspects of our lives, our need for nurturing, empathy and compassion grows ever stronger as does our imaginings of a more peaceful future,” she said. “We are reminded that a vital part of living a full life is having the good health, stamina, and strength to enjoy it.”

The colour also reflects a desire to turn inward and exercise self care in an increasingly frenetic world.

“As we navigate the present and build toward a new world, we are reevaluating what is important,” she said. “Reframing how we want to live, we are expressing ourselves with greater intentionality and consideration.

“Recalibrating our priorities to align with our internal values, we are focusing on health and wellbeing, both mental and physical, and cherishing what’s special — the warmth and comfort of spending time with friends and family, or simply taking a moment of time to ourselves.”

Each year since 2000, Pantone has released a colour of the year as a trendsetting tool for marketers and branding agents. It is widely taken up in the fashion and interior design industries, influencing collections across the spectrum.

More properties for auction and higher clearance rates as confidence returns to the Australian market

While some markets are showing signs of recovery, others continue to languish

Prepare yourself for the year of the peach