Climbing auction numbers point to a busy autumn in the housing market
Following a cool and calm La Niña summer, the property market is heating up again ahead of the autumn peak.
According to data from CoreLogic, throughout last week ending February 6, a total of 1,786 homes were taken to auction. This figure was up 53% from the previous week, and nearly 40% higher than in February 2021.
Aided by an increase in housing supply, spiking auction numbers signal more opportunities for families and investors hoping to stake out a new home. Buyers are surely investigating options, despite uncertainty around future interest rate hikes.
The growth in auction numbers is set to continue this week with nearly 40% more listings expected. A further 2,467 homes are forecast to go under auction across the country's capitals.
CoreLogic's data indicates that the March and April focus on home sales is set to occur as usual. But compared to last year, a few factors suggest that the market might be moving ever so slightly in favour of the buyer.
To start with, the clearance rate on auctions is slightly weaker than this time last year. While last weekend the clearance rate sat at 74% of all actions, the same time last year the average across the country was almost 80%. Granted these are relatively close.
What does a lower auction clearance rate mean?
- Less intense buyer demand
- Ready supply of available properties
- Market moving in favour of buyers
Unfortunately, this slightly lower clearance rate will probably not translate to lower prices in the short term. Going on recent history, buyers should expect house prices to remain roughly in-line with averages from late December.
That being said, the increased quantity of homes for sale should mean buyers are less likely to have to settle for substandard homes, and should not feel rushed to make a decision. The expected rise in home sales over the coming weeks will test if the market has corrected after the shocks of last year’s lockdowns.
With more options for potential homes appearing, and a healthy auction scene, it’s the perfect time to research the best home loans. To see our home loan comparisons and guides, check out our Home Loans page for average rates, loan sizes and more.
Home Loans - last updated 25 April 2024
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Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment6.01% p.a. variable6.14% p.a.Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
CompareCompareExpress Home Loan
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- interest rate
- 6.01% p.a. variable
- comparison rate
- 6.14% p.a.
- Upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Express Home Loan
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Offset Home Loan
Package, Investment, LVR<60%, Interest Only
interest rate
comparison rate
Initial monthly repayment6.50% p.a. variable6.75% p.a.CompareCompareOffset Home Loan
- interest rate
- 6.50% p.a. variable
- comparison rate
- 6.75% p.a.
- interest rate
- 6.50% p.a. variable
- comparison rate
- 6.75% p.a.
- Upfront fees
- $350
- Ongoing fees
- $248.00 yearly
- Discharge Fee
- $400.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Variable
- Repayment types
- Interest Only
- Availability
- Investor
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Offset Home Loan
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Fixed Rate
Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment6.54% p.a.
fixed 2 years7.10% p.a.Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
CompareCompareFixed Rate
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- interest rate
- 6.59% p.a.
fixed 3 years
- comparison rate
- 7.06% p.a.
- interest rate
- 6.59% p.a.
fixed 3 years
- comparison rate
- 7.06% p.a.
- Upfront fees
- $160
- Ongoing fees
- $0.00
- Discharge Fee
- $160.00
- Extra repayments
- yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
- no
- Offset account
- Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $20,000
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about the ANZ Fixed Rate
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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