September Auctions Finish Strong
As lockdowns look to ease, the market seems in good stead.
2 min
The first month of the spring weekend auction market has concluded with more remarkable results despite ongoing covid restrictions in most capitals.
Auction numbers have been impacted by the restrictions and were lower at the weekend with a total of 1155 homes offered nationally compared to 1272 the previous weekend.
The national clearance rate fell marginally at the weekend following a 5-month high – down from 84.9% to 83.8%.
All capitals reported clearance rates above 80%, with the exception of Melbourne, just below at 79.3%.
Sydney has shown no signs of slowing down, recording a clearance rate of 85.2% at the weekend following the previous weekend’s 85.1%. It is the eighth consecutive weekend the NSW capital has recorded a clearance rate above 80%.
Auction numbers increased for the fifth consecutive Saturday in Sydney with 641 homes offered for sale compared to the previous weekend’s 569. This figure remained lower than the 732 listed over the same weekend last year.
Sydney recorded a median price of $1,744,000 for houses sold at auction at the weekend — higher than the $1,690,500 reported over the previous Saturday and 30.4% higher than the $1,337,500 recorded over the same weekend last year.
Melbourne saw a lift in its clearance rate – up to 79.3% after the previous weekend’s 72.3% — due to a lower proportion of withdrawals at 20.8% compared to the previous weekend’s 28.7%.
Listings fell sharply at the weekend with 269 auctions compared to the previous weekend 434 but well ahead of the 32 auctioned over the same weekend last year.
Melbourne recorded a median price of $870,500 for houses sold at auction at the weekend which was well below the $1,000,250 recorded over the previous weekend and similar to the $850,250 recorded over the same weekend last year.
With restrictions set to ease as the market heads deeper into spring, more strong results are forecast.
Data Powered by Dr Andrew Wilson of My Housing Market.
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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.
