Weekly Market Wrap 24/01

Weekly Market Wrap 24/01

24 January 2020

Auction clearance rates show significant increase

Quarterly auction results released this week by CoreLogic have seen the clearance rate significantly increase coupled with higher auction volumes across the capital cities.

In the three months to December 2019, the combined capital cities clearance rate came in at 70.3 per cent from 26,923 auctions; a significant jump on the previous quarter where auction volumes were 16,730 and returned a clearance rate of 69.9 per cent.

With the exception of Melbourne and Tasmania, clearance rates across the capital cities outperformed both the previous quarter, and the December 2018 quarter. In Sydney the clearance rate for the quarter stood at 74.9% with 9546 auctions completed.

How to submit your Single Licensee In Charge Nomination Form

Changes are coming to licences under the Property and Stock Agents Act 2002. If you are currently the Licensee in Charge you must nominate to become the single Licensee in Charge of the business; you will then become a Class 1 licence holder.

The Single Licensee In Charge Nomination Form must be completed and submitted to NSW Fair Trading by 1 March 2020. Click here to download the NSW Fair Trading Nomination Form.

First Home Loan Deposit Scheme fact sheet released

The Government-approved scheme details how the scheme works as well as eligibility criteria and applicable property thresholds. To find out more about the application process visit click here to download the National Housing Finance and Investment Corporation factsheet.

Hot topics

NAC2020 registrations are now open

REINSW’s Novice Auctioneers Competition is back for 2020 and we want to encourage you or any budding auctioneers you know to register! This year there will be four heats hosted by some of NSW’s best auction houses and agencies taking place between February - May in Newcastle, Sydney East, Sydney CBD and Wollongong.

If you want to try your hand at auctioneering, register today and you could be named REINSW Novice Auctioneer of the Year 2020!

Best of all, every time the gavel falls, all funds raised will be donated to REINSW’s charity partner, RISE.

Hunter woman first from her area to serve on REINSW Board

Shula Kentwell has become the first woman from the Hunter region to be appointed to the REINSW board. Shula, a Principal and Director of both PRDnationwide Newcastle & Lake Macquarie and SafeHands Property Management, is the only new board member of REINSW and joins a team of 13 re-elected members. She is hoping to use her appointment to be a strong advocate for the real estate industry in the Hunter Region.

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