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Auction Report Sep 14th 2024 | Spring Listings Surge Tests Buyer Demand

The early spring auction season is heating up, and the surge in listings is putting buyer demand to the test across Australia. Clearance rates dipped slightly, reflecting a mixed response to the growing volume of properties available.

National Overview:

• Clearance rate: 60.6%, up from last weekend's 58.8%, but well down from 70.5% this time last year.
• Auction listings: 2,330, up from 2,025 last weekend, and significantly higher than the 1,926 listed this time last year.

Expect even more auction action next weekend leading into Grand Finals Auction Super Saturday, which will test both buyers and sellers alike.

Sydney Auction Results:

• Clearance rate: 69.2%, down from 71.9% last weekend.
• Auction listings: 908, up from 792 last weekend.
• Median house price: $1,714,000, slightly down from last weekend's $1,760,000, but up 1.1% year-on-year.
• Top sale: A 6-bedroom home at 32 Tindale Rd, Artarmon, sold for $6,213,000.
• Most affordable: A 2-bedroom unit at 5/23 St Ann St, Merrylands, sold for $395,000.

Melbourne Auction Results:

• Clearance rate: 64.6%, down from 66.9% last weekend.
• Auction listings: 1,129, up from 949 last weekend.
• Median house price: $1,090,000, higher than last weekend’s $1,000,000.
• Top sale: A 6-bedroom home at 79 Bent St, Moonee Ponds, sold for $3,685,000.
• Most affordable: A 1-bedroom unit at 2/244 Gordon St, Footscray, sold for $340,000.

With spring in full swing, expect even more activity in the coming weeks as buyers and sellers navigate the ever-changing property market.

Massive 7.9% Surge in Property Listings – Is Now the Best Time to Buy?

Spring has brought a wave of new property listings, giving buyers more choice and leverage in the market.

According to SQM Research , 249,523 properties were listed for sale in August – a 7.9% increase from the previous month and 11.1% higher than last year!

For buyers, this means less competition and more time for due diligence, increasing their negotiating power.

Sellers, however, will need to step up their game with stronger marketing strategies and be more flexible on price to attract potential buyers.

First Home Buyer Scheme Making a Big Impact

About 1 in 3 first home buyers in 2023-24 took advantage of the federal government’s Home Guarantee Scheme (HGS), according to Housing Australia latest report.

The HGS allows eligible buyers to enter the market with just a 5% deposit, without the need to pay lender’s mortgage insurance—an incredible saving for first-time buyers.

To qualify, buyers must be owner-occupiers and meet income requirements: under $125k for individuals and under $200k for couples, with other criteria also applying.

In capital cities, the median purchase price for HGS participants was $482k for singles and $624k for couples. In regional areas, the median prices were $390k and $520k, respectively.