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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5.54
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5.93
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$2,852
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5.54
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5.93
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$495
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$0.00
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$325.00
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5.99
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5.90
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$2,995
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5.99
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5.90
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Fixed Home Loan
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Go to site- Interest rate
-
5.54
%
p.a.
Fixed 2 years
- Comparison rate
-
5.93
%
p.a.
- Initial monthly repayment
-
$2,852
Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
- Interest rate
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5.54
%
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Fixed 2 years
- Comparison rate
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5.93
%
p.a.
- Upfront fees
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$495
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$0.00
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$325.00
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yes - free
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5.59
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6.27
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$2,867
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5.59
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6.27
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5.54
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5.99
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6.89
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$2,995
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5.99
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6.89
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Mortgage Simplifier
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6.14
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6.17
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6.14
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$350
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Elevate
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6.18
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6.18
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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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