3 minutes property market update (Australia)

Script

Hi everyone, I’ve been away for weeks. Let’s talk about the market this week.

The auction clearance rate of the VIC and NSW market remain high with over 80% during past 2 weeks out of over 60% of auction results reported. There is an upward trend of actual percentage of properties sold and up for auction in both markets with 11% & 22% on 8 Aug 2019 to 14% & 25% on 25 Aug 2019 in NSW market and 17% & 29% on 8 Aug 2019 to 23% & 36% on 25 Aug 2019 in VIC market. Auction clearance is ACT was 74% which is lower than the VIC and the NSW market. However, the actual percentage of properties up for auction was 41% with the actual clearance rate of 23% which stands out from other states.

Except QLD and SA experienced drop in properties available for auction of 2.73% & 33.73%, most market had increased comparing with the 1st week of Aug 2019. Properties scheduled for auction increased by 58.33% in ACT market followed by VIC 33.69% and NSW 17.65%.

The August 2019 results reveal that interest rate deduction in June and July helped the borrowing capacity and confidence of buyers in the market. It would be interesting to see whether the momentum continues and whether the banks would loose the lending criteria if the market continues to bounce back.

Property news of the week is the tumble sales of apartments, especially the new apartments in the Sydney market. More buyers are looking for established apartments.

This is the end of the report. Our data for the analysis came from realestate.com.au

Thanks for listening. See you next time.

Reference:

Market Update,Australia property market,Apartments,home buyers,investors,