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What's happening in the property markets this weekend?

What's happening in the property markets this weekend?

Spring has been a strong season for sellers so far, and it looks to be more of the same this weekend as keen buyers take advantage of historically low interest rates.

The number of homes up for auction across the capital cities will remain steady this week, with Core Logic reporting 2,217 auctions are slated to be held by the end of the weekend. This is just lower than the 2,290 auctions held last week.

Australia's auction capital, Melbourne, will play host to just over half of these auctions with 1,110 scheduled. Reservoir, a popular suburb north of the CBD, is expected to be the busiest for auction activity, with potential buyers having a shot at 25 residential homes going under the hammer.

Just 12km from the centre of Melbourne, Reservoir presents a close yet relatively affordable opportunity for home buyers. Last week the most expensive property to sell in Reservoir was a 4br house that went for $1.01m, according to Domain. Several units sold for somewhere between $300,000-$400,000.

Realestate.com.au reports the median house price for Reservoir is $655,000, with capital growth of almost nine per cent since 1 January.

Richmond and Essendon will also be busy, hosting 17 and 16 auctions respectively. 

In Sydney there are 792 properties listed for auction, slightly less than 816 properties listed last week. The NSW capital continues to hold a strongest clearance rate than Melbourne; Core Logic reports that the final auction clearance rate there last week was 79.8%.

Potential buyers in both markets can expect the competition to remain just as tough this weekend as people look to take advantage of historically low interest rates in a market with far fewer properties available when compared to the same week last year.

What’s happening in the other capitals?

The auction numbers are much smaller in the remaining capitals.

  • Brisbane: 144 auctions
  • Adelaide: 78 auctions
  • Perth: 30 auctions
  • Canberra: 56 auctions

Property sellers in Perth continue to struggle, with the WA capital recording a final auction clearance rate of just 28.6% according to Core Logic. Only around half of all Brisbane auctions successfully cleared last week, while Canberra and Adelaide saw more encouraging clearance rates of 85% and 75.3% respectively.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.