It’s Christmas in July as auctions heat up around the capitals
Cashed up buyers will have more property options to choose from this weekend
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Winter is the new spring in Australian property circles, with scheduled auctions once again increasing this weekend, CoreLogic data shows.
Auctions across combined capital cities are up 16.7 percent week on week at a time of year when the market traditionally slows down.
Sydney leads the numbers race, with 736 properties to be put to market this weekend, representing an impressive 21.5 percent increase. The figures also represent a 9.2 percent increase on the number of homes sent to market this time last year.
Brisbane has contributed significantly to the winter listing trend, with 172 homes ready for market this weekend, a 67 percent increase on the previous week. CoreLogic data notes that this has been heavily influenced by 29 properties set to be auctioned at an in-room event on Saturday. Adelaide buyers will also have more to choose from, with 115 properties listed for this weekend, a 12.7 percent rise on the previous week’s numbers.
It’s a less dramatic upswing in Melbourne, with 689 properties set to be auctioned, up 6 percent from the previous week when 650 homes were listed. However, Melbourne recorded the highest clearance rate of all the capitals last weekend at 68.8 percent. Adelaide was not far behind at 68.6 percent, followed by Sydney on 67.5 percent. Perth had the lowest clearance rate at 40 percent.
The increasing number of properties entering the market come on the back of concerns about rising levels of mortgage stress among borrowers. However, data indicates that levels of mortgage arrears are still relatively low buoyed by historically high levels of employment.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Villa prices saw particularly strong growth, with capital values increasing by 33.4 percent year-on-year
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Dubai’s real estate market showed strong performance in the second quarter of 2024, with notable increases across the residential, office, and retail sectors, according to a new ValuStrat real estate report for Q2 2024.
Villa prices experienced particularly strong growth, with capital values rising by 33.4 percent year-on-year.
Haider Tuaima, Director and Head of Real Estate Research at ValuStrat said: “The Dubai real estate market has shown impressive growth and resilience in recent months. The ValuStrat Price Index for Residential Capital Values increased by 6.4 percent quarterly and 28.2 percent annually, reaching 178.2 points.
“Despite severe flooding caused by record rainfalls in April, the quick and effective response from developers and authorities helped to control the damage, ensuring that market activity and property valuations remained robust in the subsequent months.”
The office sector also performed well, with the VPI for office capital values surging by 31.7 percent annually and 9.4 percent quarterly, reaching 212.5 points—the highest quarterly increase in a decade.
In the retail sector, Emaar Properties reported 98 percent occupancy in their prime mall assets, while overall mall occupancy stood at 96 percent during the first quarter of 2024. The hospitality sector also saw growth, with total international guests reaching 8.12 million as of May 2024, a 9.9 percent increase compared to the same period last year. Hotel occupancy reached 81 percent, rising by 1.4 percent year-on-year.
Despite these positive indicators, Tuaima added, “The decline in transaction volumes calls for a closer examination of market dynamics as stakeholders navigate this evolving landscape.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
