Winter’s home auction slowdown can offer a window for property buyers

There were 1,747 property auctions recorded across Australia last week, which represents the lowest count since the King's Birthday long weekend in mid-June, says Corelogic.
But what does this mean for property buyers?
One way to look at it is there’s a slowdown happening, with Corelogic expecting around 1,500 auctions this week and 1,700 the following week.
Right now a hopeful buyer, or someone in the mix for a new home loan, can look around the country and see that while there's still some competition in the major capitals, the numbers aren’t as high as one might expect.
For example, there were 658 auctions held in Melbourne last week, with only 467 sold in the preliminary count, as per Corelogic.
Similarly, Sydney had 756 auctions with only 545 sold.
Each of these results amounts to around three-quarters of property sold, which is competitive but perhaps a more inviting buying environment than we have seen in recent times.
Housing demand and supply
Of course, one chief thing to consider when looking for a home is the amount of housing supply versus demand. A lower supply in a given city or suburb can create a very heated environment, and typically a much higher price point.
Take Adelaide right now, where the 'for sale' supply has been relatively low and this has seen prices escalate this year. In fact, housing prices have jumped by 15% in Adelaide compared to 12 months ago, according to Corelogic.
Brisbane’s market has seen similar price growth in the past 12 months due to a demand exceeding supply.
Brisbane also has fewer ‘new’ listings than Sydney and Melbourne (Corelogic), which means its ‘new to the market’ properties (those advertised newly in the past month) are in much shorter supply.
This is something to keep an eye on because if you’ve been in the home buying market a while, you’ve undoubtedly reviewed what’s for sale in your area. Fewer new listings can make it harder to find the right property and that’s when expanding your search can help.
Meanwhile, if you're preparing your finances and want to consider a home loan, be sure to review some of the top loans listed on this page by our Mozo experts.
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5.74
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5.65
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$2,915
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5.74% p.a. (5.65% p.a. comparison rate)
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5.78
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5.82
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- Initial monthly repayment
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$2,927
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5.78% p.a. (5.82% p.a. comparison rate)
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n/a
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$495.40
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90.00%
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5.89% p.a.
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5.91
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Basic Home Loan
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5.39
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5.82
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2 years - 5.39% p.a. (5.82% p.a. comparison rate)
3 years - 5.39% p.a. (5.77% p.a. comparison rate)
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5.49
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5.69
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- Initial monthly repayment
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$2,836
- interest rate
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5.74% p.a. (5.69% p.a. comparison rate)
- Fixed loan revert rate
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n/a
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$175.00
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60.00%
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Valuation and legal fees covered up to $1,000. Anything above this charged at cost. Only available through the exclusive link. Capital city or major regional centre only.
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Fixed Rate Home Loan
- Fixed rate
- Owner occupier
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- 5% min deposit
- Interest rate
-
5.49
%
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Fixed 2 years
- Comparison rate
-
5.91
%
p.a.
- Initial monthly repayment
-
$2,836
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
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-
1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
4 years - 6.49% p.a. (6.19% p.a. comparison rate)
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-
5.98% p.a.
- Upfront fees
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$300.00
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$395.00
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95.00%
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$20,000
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Owner Occupier
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Weekly, Fortnightly, Monthly
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yes - free up to $25,000 during fixed period
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no
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- 20% min deposit
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5.49
%
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Fixed 2 years
- Comparison rate
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5.96
%
p.a.
- Initial monthly repayment
-
$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
4 years - 6.49% p.a. (6.23% p.a. comparison rate)
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- Fixed loan revert rate
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6.04% p.a.
- Upfront fees
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$300.00
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$0.00
- Discharge Fee
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$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
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$20,000
- maximum borrowing amount
-
-
- type of mortgage
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Fixed
- Repayment types
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Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
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no
- Split account
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yes
- Other restrictions
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Legal and valuation fees charged at cost.
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-
- Special Offers
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Read reviews and learn more about P&N Bank home loans
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Your selected home loans
* 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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