The auction clearance rate rose to a new yearly high of 75% during the August 6th – 7th weekend according to CoreLogic RP Data (based on preliminary results). There was 1,517 auctions around the country this week.
How did my city fair?
Based on the preliminary data, here is how our 5 biggest capital cities faired:
Source: CoreLogic RP Data
FHBA co-founder Taj Singh said that a lot of expert commentary on the weekend pointed out that those buyers who waited on the sidelines during the election period are now getting their act together and coming back ready to buy. “Combine the election being over with record low interest rates, it is making buyers hungry at the moment” Taj explained. Taj went on to advice first home buyers not to panic. “You can’t control the market. You can control your own budget though. Don’t over stretch yourself. First home buyers should do their homework, seek expert advice and buy within their means” Taj said.
RBA rate cut gives buyers confidence
Last week the RBA announced a cut to the official cash rate to a record low 1.5%. You can learn how this will affect first home buyers (& savers) here.
Some first home buyers win at auction
On the weekend there was serval high profile stories of first home buyers outbidding investors at several Auctions:
- Domain: First home buyer couple wins Lane Cove (Sydney) apartment auction
- Finder: Inner west success for first home buyers (with parents help)
For full auction results details please visit CoreLogic RP Data.