The capital markets have continued to show signs of improvement as restrictions are lifted by state governments, according to CoreLogic.
During the weekend, 867 houses went under the hammer, against 612 houses the previous weekend. Preliminary figures show that 65.9% of the weekend auctions were successful.
Caitlin Fono, analyst at CoreLogic, said that activity continues to be more moderate compared to last year and the months leading up to COVID-19. In the same period last year, 1,661 homes were sold at auction. However, the number of auctions over the weekend showed that market activity was recovering.
"The trend is towards an increase in the number of auctions and a substantial reduction in the proportion of auctions withdrawn before the event. The number of auctions held this week was the highest since the week ending April 19, "she said.
Read also: How to reap a profit from property auctions
Melbourne dethroned Sydney as the most successful auction market, with 71.9% of the 259 auctions resulting in a sale. However, Sydney remained the busiest, with 469 auctions that returned a preliminary liquidation rate of 68.1%.
Leanne Pilkington, President of the New South Wales Real Estate Institute, said recent Sydney auction results indicate signs of confidence from potential buyers.
"The property is an acquisition of long-term assets; it cannot be integrated with the volatility of the equity market. We cannot predict what will happen in the housing market in six months, but the data makes it clear, it's not collapsing around us right now. "
The table below shows the recent auction figures for each capital:
Main suburbs:
green wood
,
keperra
,
Narara
,
tuart hill
,
Scarborough
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in a property, it is important to make sure that you not only have the lowest rate available that you can get, but
Just fill in a few details here below and we will then arrange a local mortgage broker to contact you and determine the features or types of loans that are right for you. Needs. We will even help you with the paperwork. In addition, an appointment is free.
We value your privacy and treat all of your information seriously – you can verify
our privacy policy here
