Property takes a holiday as the long weekend looms
Schedule auctions are down but there’s still reasons for the market to be cheerful
Schedule auctions are down but there’s still reasons for the market to be cheerful
There’s nothing like a long weekend to put a dampener on the property market. Auction activity is set to drop dramatically over the King’s birthday weekend to almost half the number from last week.
Data from CoreLogic shows that 1,327 homes are scheduled for auction across the capitals this weekend, down -44.2 percent on the previous week. Research analyst for CoreLogic Australia, Caitlin Foo says the fall in numbers is most evident in Melbourne where auctions have hovered over 1,000 homes for the past five weeks. This weekend, figures have fallen by -56.7 percent to just 480 homes.
In Sydney, there are 537 homes scheduled to go under the hammer, down -40.3 percent on the previous weekend when 899 homes were auctioned. It’s a slightly less significant story in the smaller capitals with 130 homes set for auction in Brisbane (down from 141 the previous week), 99 in Adelaide (down from 152) and Canberra at 65 (down from 68).
While it’s a slower week for the market, the numbers are still far better than they were this time last year, indicating a consistent sense of confidence in residential property.
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Buyer demand, seller confidence and the First Home Guarantee Scheme are setting up a frantic spring, with activity likely to run through Christmas.
The spring property market is shaping up as the most active in recent memory, according to property experts Two Red Shoes.
Mortgage brokers Rebecca Jarrett-Dalton and Brett Sutton point to a potent mix of pent-up buyer demand, robust seller confidence and the First Home Guarantee Scheme as catalysts for a sustained run.
“We’re seeing an unprecedented level of activity, with high auction numbers already a clear indicator of the market’s trajectory,” said Sutton. “Last week, Sydney saw its second-highest number of auctions for the year. This kind of volume, even before the new First Home Guarantee Scheme (FHGS) changes take effect, signals a powerful market run.”
Rebecca Jarrett-Dalton added a note of caution. “While inquiries are at an all-time high, the big question is whether we will have enough stock to meet this demand. The market is incredibly hot, and this could lead to a highly competitive environment for buyers, with many homes selling for hundreds of thousands above their reserve.”
“With listings not keeping pace with buyer demand, buyers are needing to compromise faster and bid harder.”
Two Red Shoes identifies several spring trends. The First Home Guarantee Scheme is expected to unlock a wave of first-time buyers by enabling eligible purchasers to enter with deposits as low as 5 per cent. The firm notes this supports entry and reduces rent leakage, but it is a demand-side fix that risks pushing prices higher around the relevant caps.
Buyer behaviour is shifting toward flexibility. With competition intense, purchasers are prioritising what they can afford over ideal suburb or land size. Two Red Shoes expects the common first-home target price to rise to between $1 and $1.2 million over the next six months.
Affordable corridors are drawing attention. The team highlights Hawkesbury, Claremont Meadows and growth areas such as Austral, with Glenbrook in the Lower Blue Mountains posting standout results. Preliminary Sydney auction clearance rates are holding above 70 per cent despite increased listings, underscoring the depth of demand.
The heat is not without friction. Reports of gazumping have risen, including instances where contract statements were withheld while agents continued to receive offers, reflecting the pressure on buyers in fast-moving campaigns.
Rates are steady, yet some banks are quietly trimming variable and fixed products. Many borrowers are maintaining higher repayments to accelerate principal reduction. “We’re also seeing a strong trend in rent-vesting, where owner-occupiers are investing in a property with the eventual goal of moving into it,” said Jarrett-Dalton.
“This is a smart strategy for safeguarding one’s future in this competitive market, where all signs point to an exceptionally busy and action-packed season.”
Two Red Shoes expects momentum to carry through the holiday period and into the new year, with competition remaining elevated while stock lags demand.
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