FHBA Market Update: Most cities perform strongly week after long weekend
4 cities achieve above 80% auction clearance rate
October 8 – 9 saw the first auction weekend after the grand final long weekend last week. Volumes increased this week as things returned back to normal for the market, while auction clearance rates were also high (in line with more recent results). According to CoreLogic RP Data the headline preliminary auction clearance rate came in at 79% thanks to 4 capital cities achieving above 80% auction clearance rate.
How did my city go?
Based on the preliminary data, here is how the nation’s 5 largest capital cities performed:
Source: CoreLogic RP Data
Key things to note about this weeks results in include:
- There were 2,246 auctions held across the combined capital cities
- Four cities achieved a preliminary auction clearance rate of above 80% – Canberra, Sydney, Melbourne & Adelaide
- Canberra’s preliminary auction clearance rate of 87% is the highest recorded this year for the nation’s capital
Please note, all figures are preliminary and are subject to change as more results come during the week.
First home buyer activity lower as ABS admits a mistake
Last week the Australian Bureau of Statistics (ABS) released revised figures which showed that the number of first home buyers over the last four years was lower than previously estimated. And the figures may still be over estimating the true number of first home buyers in the market.
Interest rates on hold
Since our last FHBA Market Update the RBA board meet again to review the cash rate. The RBA decided to leave the cash rate on hold at a record low of 1.5% during the meeting.
- Learn more about the RBA decision in our blog
- Need a home loan quote? Visit FHBA Mortgages
- Compare a selection of current home loan rates here
FHBA New Homes of the Week (Ed 30)
Last week’s edition of FHBA New Homes of the Week featured our top 5 house & land packages around the $400,000 mark (all of which are eligible for the First Home Owners Grant). To view the top 5 homes please visit FHBA New Homes of the Week (Ed 30).
Stay tuned for this week’s edition of FHBA New Homes of the Week on Wednesday.
First home buyer success story of the week
This week Domain reported two first home buyer success stories:
- First home buyer beats investors in Melbourne
- First home buyer outbids others to buy a semi in Sydney