New Auction Year Kicks Off Early
Eager sellers look to get a head start on the market.
2 min
As sellers look to get a head start on the rest of the market, the property auction market has kicked into gear earlier than usual.
Of the 448 homes listed nationally for auction over the past week, 66.8% sold according to data from CoreLogic.
The auction volume for the first major weekend of the year was significantly higher than the previous corresponding weekend at almost double the same time last year — with 244 properties auctioned.
CoreLogic predicts the number of homes taken to auction will continue to rise over the coming weeks, with over 1150 auctions expected to be held next week, compared to 884 over the same week last year.
In Sydney, a total of 79 homes hit the market — compared to 47 this time last year — of which 60 have been recorded and 58.3% of those auctions were successful.
Melbourne proved the busiest auction capital this week with 144 properties listed for auction.
With 100 results taken at the time of writing, 64% reported a successful result — on par with the average final clearance rate through December.
Over the same week last year, 127 homes were auctioned across the Victorian capital.
The push for sellers to get a jump on the market follows on from a record December quarter in 2021.
CoreLogic’s Quarterly Auction Market Review recorded 42,918 properties were taken to auction across the combined capital cities in the three months to December 2021.
The numbers equate to an 85.1% increase from the previous quarter and a 109.5% lift from the December 2020 figures.
In Australia’s two biggest auction markets, Melbourne had 19,788 auctions and a clearance rate of 69.7% for the December quarter compared to Sydney with 14,906 auctions and a clearance rate of 69.9%.
Across all capitals, the quarterly clearance rate of 71.3% was fractionally down on the previous quarter’s 71.7%
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Buyers are moving there in their droves while existing residents know they’re on a good thing
2 min
The Australian housing market is rapidly evolving, with new research revealing changing activity in regional and city areas.
The latest Regional Movers Index from the Commonwealth Bank showed the exodus from Australian cities to the regions is significantly exceeding pre-COVID movements, sitting at 19.8 percent higher. Even more revealing is data which showed relocations are 1.8 percent up on the average recorded during the height of the lockdowns. At the same time, people in regional areas are staying put.
The report is a partnership between the Commonwealth Bank and the Regional Australian Institute. RAI CEO Liz Ritchie said the regions have become the permanent home of choice for more Australians.
“The inter-regional migration index —which tracks regional to regional relocations — has fallen by 5.1 percent, suggesting that more regional residents are content to stay where they are. With the continuing strong jobs market across regional Australia, increasing city property prices and ongoing cost-of-living pressures, it’s no surprise the regions remain desirable,” Ms Ritchie said.
She said this had significant implications for planners, with a better understanding of infrastructure needs required by planners.
“Regional Australia is truly the nation’s new frontier. There are so many opportunities in our regional communities, but likewise we know there are challenges. Housing for example remains a key ongoing concern in many communities,” she said. “Regional Australia is growing and for that to continue we need adequate foundations. The time to lay them is now.”
Among the areas to benefit from this shift over the past quarter was the Hunter Valley city of Maitland in NSW which saw a 3.4 percent increase in net migration from the cities and other regional areas. Long seen as the less desirable locale in the wine growing region, Maitland has attracted more buyers looking for an affordable home with lifestyle benefits. CBA Executive General Manager Regional and Agribusiness Banking Paul Fowler said it was an area on the rise.
“There is significant development happening around Maitland, with extensive land releases for residential, industrial, commercial and retail fuelling strong employment and construction industry opportunities,” Mr Fowler said.
“Maitland is also set to benefit from major investments in the area including the nearby Newcastle Airport which will welcome international flights from 2025, further enhancing the region’s accessibility and economic profile.”
And while Melbourne property prices continue to experience a lull, it’s a different story outside the capital, with regions closer to main city centres performing particularly well.
“A move to regional Victoria remains on trend among those relocating, with the state’s regional areas experiencing the largest surge in popularity in the 12-month period to September 2024, with its share of net regional inflows rising from 21 percent to 30 percent,” Mt Fowler said. “Trending scenic LGAs like Queenscliffe on the coast, as well as Moira, Wangaratta and Strathbogie located further north, offer attractive and more affordable lifestyle opportunities for many Australians.
“With more corporate employers setting up or relocating to Geelong, Queenscliffe’s proximity to Greater Geelong and the Melbourne CBD means more regional Australians can enjoy diverse employment opportunities while living in a beautiful location with enhanced lifestyle opportunities.”
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
