Home auctions heat up around the capitals
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It’s set to be a busy weekend for house hunters with auction volumes expected to exceed 2,000 homes for the first time since June, according to CoreLogic. Numbers have been slowly increasing over the past few weeks but this weekend, 2,086 homes have been scheduled for auction across the capitals, a 14.9 percent increase on last week.
Sydney will be the busiest capital, with 859 homes set to go under the hammer, a 34.4 percent jump on the previous week and a 45.1 percent hike on this time last year.
The news out of Melbourne is less dramatic, with 832 homes to go to auction, up 6.8 percent week on week and -10.3 percent less than this time last year.
In Adelaide, there are 137 homes scheduled for auction while in Perth, it’s 21 homes and Brisbane is set to host 146 auctions. Canberra is set to host 88 auctions this week and there are three auctions scheduled in Tasmania, down from four over the previous week.
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The Westpac-Melbourne Institute Consumer Sentiment Index slipped to 84.6 in September from 85.0 in August
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SYDNEY—Australian consumer confidence fell in September amid concerns about job security as economic growth slows to a crawl.
The Westpac-Melbourne Institute Consumer Sentiment Index slipped 0.5% to 84.6 in September from 85.0 in August.
While cost-of-living pressures are becoming a little less intense and fears of further interest rate rises have eased, consumers are becoming more concerned about where the economy may be headed and what this could mean for jobs, said Westpac’s Head of Australian Macro-Forecasting, Matthew Hassan.
Consumers remain concerned about rising inflation, which is stoking concerns that interest rates may rise further, Hassan added.
The report comes a week after data showed the economy barely registered a pulse in the second quarter as consumer spending dropped sharply.
On-year GDP growth in the second quarter was the weakest since the early 1990s, excluding the pandemic years.
At the same time, the Reserve Bank of Australia continued to signal that interest rate cuts are unlikely in the near term, while adding that under certain circumstances a further hike in interest rates may be needed.
The RBA remains concerned about price growth, with core inflation remaining stubbornly elevated at nearly 4.0% on year in the second quarter.
Still, while consumers are downbeat, economists expect spending to regather momentum over coming quarters as income tax cuts delivered in July boost household budgets.
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.
