Weekly Market Wrap 07/02

Weekly Market Wrap 07/02

7 February 2020

Auction Market preview

The 2020 auction market is now back in full swing, with more than 1,000 capital city homes scheduled to go under the hammer this week. Substantial increases in volumes are expected this week in Sydney. 

According to results released by CoreLogic, there were 625 capital city homes taken to auction last week, returning a final auction clearance rate of 61%.

In Sydney, 158 auctions took place with 72.9% clearing. One year ago, a lower 130 auctions took place when a 49.5% per cent clearance rate was recorded.

Beyond the Bricks - $1 million raised!

Australia’s real estate industry is united in support of our bushfire affected communities. Beyond the Bricks is a three-phase plan to provide assistance not only during the crisis but to the communities most affected in the aftermath. Watch our Webinar to find out more about the campaign and how to donate.

Buyers could look to lower quartile housing values to find affordable properties

Median property value provides a useful reference point for the ‘typical’ home value in an area, however, buyers on a tight budget might find it more practical to narrow down their property search by examining lower quartile values.

CoreLogic reports that Sydney’s most expensive housing market currently has a median house value of $994,300. However, the lower quartile house value, at $697,370, provides an entry point to the market that is almost $300,000 lower than the median.

Some areas might seem out of budget based on the median value may actually offer up some opportunities if buyers are willing to target properties at the lower end of the value range.

Similarly, buyers on a tight budget that are hoping to buy into a highly desirable region may be able to achieve their aspirations by targeting the lower end of the market. This might mean looking for the worst house in the best street, buying a home on a smaller block of land, or choosing a property that needs some work.

Hot topics

Do you have the gift of the gab? Calling all budding auctioneers.

Sign up now for our Novice Auctioneers Competition. It’s free to enter so what have you got to lose?

There will be four heats hosted by some of NSW’s best auction houses and agencies, taking place between March - May in Sydney East, Newcastle, 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!

2020 REIA National Awards for Excellence: finalists announced

A total of 101 entrants, up from 86 last year, will compete for 20 awards at the event which takes place in Darwin in April.

Award categories cover all aspects of the real estate sector, including residential and commercial agencies, residential and commercial sales, residential and commercial property management, business brokers, buyer’s agents, community service, innovation and communications.

The Awards will be held at Mindil Resort & Casino, in Darwin on Thursday 2 April 2020. Click here to purchase tickets now.

RPL – sign up to our new courses now!

With training reforms kicking off on 23 March 2020, it’s time to look at your qualifications and role, and work out what further training you need to undertake to be compliant with the new framework.

If you currently hold a Certificate of Registration and have more than 12 months’ experience, you’ll need to upgrade to a Real Estate Licence by completing a Certificate IV qualification.

If you’ve held a Real Estate Licence for three years and want to step up to the position of Licensee-in-charge, you’ll need to complete a Diploma qualification before you can carry out the duties required by this role.

In both instances, you’ll need to undertake further training – but why spend time re-learning things you already know?

This is where REINSW’s Recognition of Prior Learning Program can help.

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