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

By JP Pelosi · · 2 min read
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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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Last updated 25 November 2024 Important disclosures and comparison rate warning*

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