February property bounce: Listings and auction sales increase

Aerial shot of houses.

While sales took a hit last year as the pandemic forced buyers and sellers alike to curb their plans, 2021 has brought with it some promising signs of a turnaround, including a material rise in new listings.

Over the week ending February 7, total new listings for capital city homes rose 11.5 per cent compared to the previous week, according to research from My Housing Market.

Melbourne recorded the greatest increase in newly advertised stock (28.1 per cent), followed by Sydney (15.1 per cent), Adelaide (11.5 per cent) and Brisbane (10.2 per cent).

In Perth, however, the number of new listings plummeted by 36.6 per cent over the week, reflecting the impact of a hard lockdown after a quarantine hotel worker was found to have contracted the UK variant of the virus.

Nonetheless, total new listings across Australia are currently 7.2 per cent higher than they were over the same period in 2020.

“Newly advertised listing numbers can be expected to continue to surge over coming weeks and track higher than last year’s results at the same time - particularly as the autumn home auction season gathers pace,” said chief economist at Archistar, Andrew Wilson.

“More listings will be good news for buyers offered more choices – but can expect to pay higher prices in a hot market.”

Auction results improve across capitals

Auction markets also received a jolt last week, with property research firm CoreLogic recording a weighted average preliminary clearance rate of more than 80% across capital city markets.

A total of 1,287 capital city homes went under the hammer, with preliminary clearance rates coming in at 83.8 per cent. This is a tad higher than the previous week, which returned a 81.1 per cent preliminary result - later revised down to 77.2 per cent.

Sydney and Melbourne posted clearance rates of 89.1 per cent and 80.8 per cent, respectively. Among the smaller markets, Canberra returned a preliminary clearance rate of 92.7 per cent across 59 auctions.

“Every capital city recorded a clearance rate above 70% as volumes continued to surge higher after the festive period slowdown,” the property research firm said in its early analysis.

“Such strong auction results signal further upwards pressure on housing prices amidst extremely tight advertised supply levels and above average buyer demand.”

For information about mortgage and lending trends, visit our home loan statistics page. And for an idea of where interest rates currently sit, check out our home loan comparison page, or browse the selection below.

Home loan comparisons on Mozo - last updated 28 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Compare
    Details
  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

    Compare
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.