Weekly Auction Sales Update
For the last auction weekend of the year (17 – 18th of December) auction clearance rates remained high (compared to historical data). Based on combined capital city preliminary data the national auction clearance rate was 70.5%, according to CoreLogic RP Data.
How did my city go?
Based on the preliminary data, here is how the nation’s 5 largest capital cities performed:
Source: CoreLogic
Key things to note about this week’s results in include:
- There was 2,722 auctions this week, almost 1,000 more auctions than the same time last year.
- Despite the much higher level of auction activity, a preliminary clearance rate of 70.5% is also substantially stronger than last years auction clearance rate of 59.5% recorded during the equivalent week.
- In particular Sydney and Melbourne had substantially higher auction activity as well as stronger clearance rates than the same time last year.
Please note, all figures are preliminary and are subject to change as more results come in during the week.
To read the full CoreLogic blog report, including results from other areas including Canberra and Hobart, please click here.
Housing inquiry was a failure
Last Friday, following a 20 month enquiry into housing ownership, the Australian government released a 58 page report highlight the findings. And what were these findings?
- Housing trends are largely in line with historical averages.
- Housing should be left to the State governments to figure out. There is no need for any new federal government policies.
In other words, barely anything was achieved during the 20 month enquiry.
Our response to the @LiberalAus inquiry into housing. Hint: It was a failure. #FHBA #SaveGreatAustralianDream https://t.co/UwG5psVdJL
— FHBA (@fhba_com_au) December 19, 2016
Learn more about the inquiry and our response
2017 property price outlook
There are now many predictions for property markets in 2017. You might find the range of predictions very confusing! Recently we shared the predictions of SQM Research, one of Australia’s leading property research companies (and also the most accurate!) with first home buyers.
SQM predicts that Australia’s east coast cities will again see the strongest property markets in 2017.
New look website
You may have noticed that our website looks a little different…..well that’s because it does! Late last week we launched a new website (the one you are on right now!). It is still in BETA testing so please give us your feedback, we want the website to be easy and friendly for all aspiring first home buyers to use.
Please note while the website is in BETA testing, many of our services for first home buyers are live and available now. Take a look around our new look website here.
Merry Christmas
This is the last edition of FHBA Market Update for 2016.
Thank you for all your support during 2016. In 2017 we will be fighting harder than ever to help first home buyers across the country achieve the great Australian dream of home ownership.
Christmas Hours: Please note we are open throughout Christmas except for public holidays. Please note reduced staff numbers may mean slower than usual response times, but please don’t be shy to enquire and start planning your first home buyer journey with us today (click here).
From the entire team at FHBA we would like to take this opportunity to wish you all a very Merry Christmas filled with love and joy. Enjoy your holiday period, stay safe and we look forward to assisting you however we can 2017.
