Auction Clearance Rates on the Rise
The auction clearance rate rose to a new yearly high of 77% during the August 20 – 21st weekend according to CoreLogic RP Data (based on preliminary results), with buyers confident heading into the Spring season. Please note this week’s result is subject to change, as this figure is based on 1,485 auction results (out of the total 1,747 auctions registered).
How did my city fair?
Based on the preliminary data, here is how our 5 largest capital cities faired:
Source: CoreLogic RP Data
The east coast was very strong this week according to FHBA co-founder Taj Singh. “Sydney & Melbourne are continuing to be strong, while Brisbane & Canberra also increased on last week’s result”. In comparison, Adelaide & Perth clearance rates were down on last week’s results.
“If you look at the CoreLogic data closely, it show’s that there are less listings at the moment then the same time last year, especially in Sydney & Melbourne. There isn’t a lot of choice for first home buyers at the moment” said Taj.
Sydney – lots of buyers, not many sellers
Domain reported today that Sydney open homes have a lot of buyers around at the moment. But there isn’t actually very many listings. Perhaps more listings will come onto the market in Spring. Read more about this story in Domain.
Canberra first home buyer activity is down
Australia’s Capital City is currently experiencing property price growth and falling first home buyer numbers according to the Australian Bureau of Statistics. “First home buyers may need to consider comprising a little bit” said FHBA co-founder Daniel Cohen. Read the full article on the Canberra market in Domain.
“Over the June quarter 557 first home owner loans were financed in the ACT, a drop of 9.3% compared with the same period last year” Picture: Rohan Thompson. Source: Domain
First Home Buyers Australia calls for more assistance for first home buyers
With strong market conditions continuing now that the federal election is over FHBA will continue to fight for more assistance for first home buyers. “While there are many cases of first home buyers being successful, they are also many doing it tough. The market conditions are not favouring first home buyers” said Daniel. In the meantime, first home buyers are encouraged to remain patient and stick to there budget.