Inspections and auctions on the rise, CoreLogic and Ray White say
With 30,000 house hunters checking into open homes across Australia on Saturday - including 70 would-be buyers inspecting a renovated home in Canberra - analysts are seeing a marked uptick in market activity.
AUCTION numbers across Australia are continuing to climb across Australia, new housing data shows.
CoreLogic head of research Tim Lawless said the market was seeing solid rises with 1,712 auctions held last week.
That figure is up on the previous week when 1,390 homes were auctioned – and also above levels of a year ago when 1,642 properties went under the hammer.
And he is expecting the numb er to continue to climb.
“We expect the volume of auctions will continue to trend higher, rising slightly next week to around 1,750 before jumping to approximately 2,450 the week after,” he said.
“As the number of auctions moves out of the seasonal slump, clearance rates become more meaningful, providing a less volatile outcome and better measure of the fit between buyer and seller expectations.”
Melbourne saw the highest preliminary clearance rate so far this year. Of the 685 auctions, 68.4% were reportedly sold so far.
The volume of auctions held across Sydney jumped from 453 the week prior to 642 this week, according to the CoreLogic research.
The preliminary clearance rate coming in at 73.0 per cent, which is the highest since the week ending September 8th last year when the figure was 73.2 per cent.
Of the smaller auction markets, Brisbane was the busiest with 211 homes going under the hammer and an early clearance rate of 50.7 per cent. In Adelaide, 102 auctions were held with a preliminary clearance rate of 63.3 per cent.
Ray White NSW & ACT Head of Auctions Perry Edmondson-Clark also highlighted increasing market activity.
The firm reported 30,000 were house hunting, checking into open homes across Australia on Saturday.
The busiest saw 70 would-be buyers inspecting a renovated contemporary home in Canberra.
Mr Edmondson-Clark acknowledged there was just a small degree of hesitation from both buyers and sellers, with some uncertainty around what might happen with interest rates.
“We expect a rate cut will support prices but no-one really knows what the impact will be on the Sydney property market, we just know that Sydney is the most sensitive to changes in rates,” he said.
“Today though, both buyers and sellers were eager to participate and have the opportunity to transact.
“We continue to see more stock come on the market each week and volume is building into late February and March. We expect the market to only get busier from here.”
