Auction market heating up
1,122 homes taken to auction this week, with volumes almost doubling on last week’s 625 auctions held. According to CoreLogic the higher volumes over the week returned a preliminary auction clearance rate just short of 70%.
Comparing results to 2019, when housing values were falling and auction markets were much weaker, both volumes and clearance rate are higher than what we were seeing over the corresponding week last year, when 928 capital city homes were auctioned and just over half sold.
Sydney had the busiest auction market across the country this week in terms of volumes with 428 auctions held across the city, returning a preliminary auction clearance rate of 79.9%; which was also the highest preliminary result across the capital cities.
Owner Occupiers lead the market recovery
Record-high values are expected across Australian dwellings in a few months’ time which could see the fastest market recovery on record in 2020 with respect to the length of the downswing and this recovery is being led by owner-occupiers.
According to CoreLogic, housing finance data shows much more activity from first home buyers, upgraders and downsizers in this recovery. During the 2012-17 upswing, the portion of new housing finance to owner occupiers averaged 59.4%. Over the past 7 months, this has risen to 71.4%.
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WIRE Valentines Special
The WIRE 2020 ‘Legacy’ event is the chance for you to define your mark. We are bringing an incredible group of women together to speak on the day, including Kirsty Spraggon one of our keynote speakers.
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Don’t want to come alone? We have some great group discounts, so grab your friends and we’ll see you on Tuesday, 24 March for the most empowering women’s conference of the year!
Roadshow 2020 kicked off in Ballina this week
Reaching 19 locations, over four months, the REINSW Roadshow is an opportunity for you to up-skill, advance your knowledge and ensure you’re ready for the changes ahead.
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- Beat 23 March 2020. Get qualified. Save time and money having your experience recognised with Recognition of Prior Learning. Discounts offered for groups of five or more. Learn more.