{"id":906,"date":"2023-11-02T11:34:23","date_gmt":"2023-11-02T11:34:23","guid":{"rendered":"https:\/\/economicherald.net\/?p=906"},"modified":"2023-11-02T11:34:23","modified_gmt":"2023-11-02T11:34:23","slug":"horses-for-courses-after-2023s-biggest-property-blitz-auction-volumes-absolutely-plummet-in-australias-most-distracted-city","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=906","title":{"rendered":"Horses for courses: After 2023\u2019s biggest property blitz, auction volumes absolutely plummet in Australia\u2019s most distracted city"},"content":{"rendered":"

After last weekend\u2019s madhouse rush for residential real estate \u2013 the busiest batch of auctions for 2023 thus far \u2013 preliminary data suggests it\u2019ll be even crazier in Sydney, while numbers in Melbourne are going to crash by more than one-third.<\/p>\n

Calamitous falls they appear to be across Melbourne this weekend \u2013 with the expected auction numbers almost -38% below the 3,381 auctions seen last week and -11.0% below the average weekly volumes (2,365) seen through spring so far.<\/p>\n

This week last year, the sad 2022 Spring selling conditions saw just 1,917 homes auctioned around the nation.
\n\u00a0<\/p>\n

See change<\/h2>\n

Since then of course, there\u2019s been something of a sea-change.<\/p>\n

For one, CoreLogic\u2019s measurement of national residential property prices \u2013 the Home Value Index \u2013 has jumped +7.6% since the lows of January 2023.<\/p>\n

National home prices accelerated again in October, rising 0.9% for the month, with the biggest increases in Perth (+1.6 per cent), Brisbane (+1.4 per cent) and Adelaide (+1.4 per cent)<\/p>\n

\u201cAt this rate of growth, we will see the national HVI reach a new record high midway through November, recovering from the 7.5 per cent drop in values recorded over the recent downturn between May 2022 and January 2023,\u201d said CoreLogic\u2019s research director, Tim Lawless.<\/p>\n

\u00a0<\/p>\n

Horsing around<\/h2>\n

So why are auctions not jumping out of the gate again in Melbourne?<\/p>\n

The crash is not because Australia has suddenly woken up to what a drab and grey city our southern cousins inhabit, but in fact because of the horses.<\/p>\n

Yes, in anticipation of next week\u2019s Melbourne Cup carnival, auction activity across Melbourne is set to plummet this week, with 457 homes expected to go under the hammer.<\/p>\n

Last week (1,725) saw Melbourne host its busiest auction week since the week before Easter 2022 (1,795), while 797 auctions were held across the city this week last year.<\/p>\n

Sydney, of course has no such qualms, being a city proven many times over its storied history to both walk and chew gum. It\u2019s set to host Australia\u2019s busiest auction market this week, with 1,161 homes scheduled for auction.<\/p>\n

That\u2019s a 8.4% week-on-week rise, and looks set to overtake last week (1,071) as Sydney\u2019s busiest auction week since mid-April 2022 (1,490).<\/p>\n

This time last year, the city saw 704 homes go under the hammer.
\n\u00a0<\/p>\n

Elsewhere\u2026<\/h2>\n

Adelaide is expecting its busiest auction week of the year-to-date, with 179 homes scheduled for auction, up 5.9% from the week prior (169).<\/p>\n

Auction activity across Brisbane is set to decline -40.2% week-on-week, with 140 homes set to go under the hammer, while Canberra\u2019s auction volume is expected to fall -12.1% to 145 this week.<\/p>\n

Across Perth, there are currently 19 homes scheduled for auction.<\/p>\n

On the brave little island that time and real estate forgot \u2013 Tasmania \u2013 there will be a grand total of four (4) auctions.<\/p>\n

(Ed: That\u2019s up like 400pc w.o.w<\/em>, so, yeah<\/em>)<\/p>\n

Via CoreLogic<\/em>
\n\u00a0<\/p>\n

So, what went down last week?<\/h2>\n

Capital city auction activity skyrocketed last week, with 3,381 homes taken to auction across the combined capitals. With 2,690 homes auctioned on Saturday alone, last week overtook the week before Easter (2,687) as the capitals\u2019 busiest auction week of the year and the busiest week in more than 18 months.<\/p>\n

The previous week\u2019s auction numbers (2,463) were 27.2% lower, while this time last year, 1,921 homes went under the hammer.<\/p>\n

The additional auction numbers tested the depth of buyer demand, with 62.9% of auctions reporting a successful result. This was the lowest final clearance rate since the week ending 9th April (61.5%) when Easter impacted purchasing activity.<\/p>\n

The clearance rate was 2.8 percentage points lower than the clearance rate recorded the previous week (65.7%), but remained 4.1 percentage points above the rate seen this time last year (58.8%).<\/p>\n

Last week\u2019s decline in the clearance rate was primarily driven by buyers, with more choice, less urgency and the prospect for a Melbourne Cup day rate rise seeing the portion of properties passed in at auction (29.0%) rising to its highest in almost seven months.<\/p>\n

Meanwhile, vendors remained more resolute, CoreLogic says, with the withdrawal rate falling 30 basis points to 8.1%.<\/p>\n

<\/span><\/p>\n

The post Horses for courses: After 2023\u2019s biggest property blitz, auction volumes absolutely plummet in Australia\u2019s most distracted city<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

After last weekend\u2019s madhouse rush for residential real estate \u2013 the busiest batch of auctions for 2023 thus far \u2013 preliminary data suggests it\u2019ll be [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":907,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nHorses for courses: After 2023\u2019s biggest property blitz, auction volumes absolutely plummet in Australia\u2019s most distracted city - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=906\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Horses for courses: After 2023\u2019s biggest property blitz, auction volumes absolutely plummet in Australia\u2019s most distracted city - 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