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7NEWS
7 days ago
- Business
- 7NEWS
From Brisbane to Perth local families fuel red-hot Auction action
Auction activity surged across the capital cities this week, with 2,216 homes going under the hammer, more than a 60 per cent jump on the previous week. The lift comes after a slowdown in auction numbers during the King's Birthday long weekend, which saw volumes dip. Clearance rates also rebounded, climbing back above 70 per cent. "The preliminary auction clearance rate bounced back to 70.1 per cent, after dropping to 59.9 per cent the week prior, later revised to 60.7 per cent, due to the long weekend," said Cotality research director, Tim Lawless. In Brisbane, a light-filled four-bedroom, two-bathroom home attracted the attention of nine registered bidders, eager to call the home their own. Bidding for the stunning property opened with a $1.2 million bid and from there five of the registered parties took part in the hotly contested auction. It took a bid of $1.635 million for the successful bidders, a local family, to secure the home at 73 Mawson Street, Stafford Heights, in the city's inner north. Lead agent Holly Bowden from Ray White Wilston said there was a lot of positivity in the Queensland property market. "We had more than 100 groups through this house during its campaign," she said. The vendors, a young couple with a baby, who bought the home in October 2020, before undertaking a major renovation, were thrilled with the result of the auction. They have moved to Bardon, in Brisbane's inner northwest, where they will undertake their next renovation project. Brisbane hosted 127 auctions this week and an early clearance rate of 61.4 per cent. At the same time last year, 192 auctions were held with a clearance rate of 67.7 per cent, according to Cotality. Family home sells after 70 years In Adelaide, a character-filled bungalow, built in 1926 and owned by the same family for 70 years, has sold at auction for just over $1 million. The home at 22 Wilton Terrace in Torrensville, just three kilometres west of the CBD, attracted nine registered bidders, while two of them actively participated in Saturday's auction. The successful bidders secured the home with a bid of $1.002 million. Listing agent Mark Lands from Lands Real Estate Stepney said the buyers, a young couple, purchased it as an investment. He said the home was a deceased estate and several family members were there to see the family home sell under the hammer. "The family was very cool, calm and collected and very happy with the result," he said. Cotality reported 133 auctions in Adelaide this week, with a preliminary clearance rate of 67.1 per cent, the highest early clearance rate in three weeks. At the same time last year, Adelaide recorded a clearance rate of 79.1 per cent. Woman buys home on same street as daughter In Perth's north, a modern four-bedroom, two-bathroom house has sold at auction for $1.4 million, with three of seven registered bidders competing for the home. Listing agent Scott Langley from Ray White North Quays said he had sold the home at 1 Angus Court in Duncraig, to the current vendors at auction four years ago. "They subdivided and have now sold one of the completed properties, so itwas great to have our buyers (now sellers) come back to us and the auction process," he said. "Our buyer was a lovely lady downsizing and moving closer to family, as one of her daughters actually lives on the street," he said. Ray White Western Australia CEO Mark Whiteman said the Perth property market continued to perform strongly with good quality properties continuing to attract high numbers of buyers. "This was highlighted here are starved for choice and continue to compete for properties," he said. Mr Lawless said the number of national capital city auctions is set to reduce next week, with approximately 1,850 currently scheduled and rising to around 1,960 the week after.
7NEWS
16-06-2025
- Business
- 7NEWS
Twice the value, half the doubt: Auction market regains its mojo in Sydney and Melbourne
The number of capital city auctions jumped by more than 60 per cent this week, with 2,216 homes going under the hammer. With a reduced number of auctions the week prior, due to a long weekend in most states, auction volumes increased by 61 per cent, with the clearance rate also returning to above 70 per cent. "The preliminary auction clearance rate bounced back this week, coming in at 70.1 per cent following a plunge to 59.9 per cent (revised up to 60.7 per cent) over the week prior, which was impacted by the King's Birthday long weekend," said Cotality research director, Tim Lawless. Sydney hosted 836 auctions, including the sale of a brick character home at 127 Roseville Avenue, Roseville. The three-bedroom classic, period home attracted seven registered bidders and a crowd of 100 people. Ray White Upper North Shore agent Jessica Cao said bidding opened at $2.7 million. "It was a great day, there was lots of interest," Ms Cao said. "There was a huge crowd, all the neighbours came to watch," she said. Just four of the registered bidders raised their hand during the auction with the final bid of $3.13 million made by a young couple with two young boys, who were keen to secure a large family home within the local school catchment area. The vendor bought the home in 2011 for less than half the price - $1.26 million - and had held it as an investment property. Mr Lawless said Sydney's preliminary clearance rate rose to 70.5 per cent, the first time it came in above 70 per cent in three weeks. "It's only the second time in thirteen weeks that Sydney has recorded a preliminary auction clearance rate at 70 per cent or higher," he said. Renovated beauty attracts 10 registered bidders In Melbourne's north, a beautifully renovated Victorian terrace has sold at auction for $1.36 million, with four out of 10 registered bidders vying for the keys to the sleek two-bedroom home, with a separate studio/home office. Listing agent Damian Ponte from Nelson Alexander Coburg said the home at 23 Linda Street, Coburg was popular among professional couples and young families. "We had over 80 groups through during the campaign and it's an outstanding result for a single-fronted terrace," he said. Mr Ponte said the vendors had undertaken a "stunning renovation" of the home some years ago. "It was time for them to move on and a young local family has bought it," he said. Mr Ponte said the depth of buyers at Saturday's auction reflected an uplift in buyer confidence. "The market has dialled up a bit more. Buyer confidence is back, and they seem to be making decisions a bit more quickly," he said. Mr Ponte said the likelihood of further interest rate cuts was helping to boost confidence. "The fact that we're heading into winter and volumes are quite low is also working to sellers' advantage at the moment too," he added. Melbourne still recorded the most auctions of all the capital cities, with 1,030 homes going underthe hammer. The early clearance rate showed 72.2 percent have been successful so far, up from 71.5 per cent the week prior, which revised down to 65.9 per cent once finalised. "It's the seventh week in a row where the preliminary clearance rate has held above the 70 per cent mark," Cotality's Tim Lawless said. At the same time last year, the clearance rate was 63.7 per cent. Strong competition in Geelong and beyond Meanwhile, in Geelong, three active bidders took part in a competitive auction for a three-bedroom, two-bathroom home on a large block at 10 Sycamore Street in Hamlyn Heights. The spacious home in a family-friendly neighbourhood eventually sold for $886,000. The vendors, who have three children and built the home in 2012, plan to move to a larger home in the local area. Ray White Victoria chief auctioneer Jeremy Tyrrell said the number of auctions across the state remained strong, along with buyer interest, even as the traditionally quiet winter selling season sets in. "This was mirrored across the majority of auctions this week... amid strong competition from buyers with 3.1 active bidders on average across all our auctions," he said. "With the potential for further interest rate cuts, the market is extremely well placed for a strong second half to 2025." Mr Lawless said the number of national capital city auctions is set to reduce next week, with approximately 1,850 currently scheduled and rising to around 1,960 the week after.
Canberra Times
16-06-2025
- Business
- Canberra Times
Twice the value, half the doubt: Auction market regains its mojo in Sydney and Melbourne
The number of capital city auctions jumped by more than 60 per cent this week, with 2,216 homes going under the hammer. With a reduced number of auctions the week prior, due to a long weekend in most states, auction volumes increased by 61 per cent, with the clearance rate also returning to above 70 per cent. "The preliminary auction clearance rate bounced back this week, coming in at 70.1 per cent following a plunge to 59.9 per cent (revised up to 60.7 per cent) over the week prior, which was impacted by the King's Birthday long weekend," said Cotality research director, Tim Lawless. Sydney hosted 836 auctions, including the sale of a brick character home at 127 Roseville Avenue, Roseville. SOLD: 127 Roseville Avenue, Roseville, NSW 2069 Pic: Supplied The three-bedroom classic, period home attracted seven registered bidders and a crowd of 100 people. Ray White Upper North Shore agent Jessica Cao said bidding opened at $2.7 million. "It was a great day, there was lots of interest," Ms Cao said. "There was a huge crowd, all the neighbours came to watch," she said. SOLD: 127 Roseville Avenue, Roseville, NSW 2069 Pic: Supplied Just four of the registered bidders raised their hand during the auction with the final bid of $3.13 million made by a young couple with two young boys, who were keen to secure a large family home within the local school catchment area. The vendor bought the home in 2011 for less than half the price - $1.26 million - and had held it as an investment property. Mr Lawless said Sydney's preliminary clearance rate rose to 70.5 per cent, the first time it came in above 70 per cent in three weeks. "It's only the second time in thirteen weeks that Sydney has recorded a preliminary auction clearance rate at 70 per cent or higher," he said. Renovated beauty attracts 10 registered bidders In Melbourne's north, a beautifully renovated Victorian terrace has sold at auction for $1.36 million, with four out of 10 registered bidders vying for the keys to the sleek two-bedroom home, with a separate studio/home office. Listing agent Damian Ponte from Nelson Alexander Coburg said the home at 23 Linda Street, Coburg was popular among professional couples and young families. SOLD: 23 Linda Street, Coburg, VIC 3058 Pic: Supplied "We had over 80 groups through during the campaign and it's an outstanding result for a single-fronted terrace," he said. Mr Ponte said the vendors had undertaken a "stunning renovation" of the home some years ago. "It was time for them to move on and a young local family has bought it," he said. Mr Ponte said the depth of buyers at Saturday's auction reflected an uplift in buyer confidence. "The market has dialled up a bit more. Buyer confidence is back, and they seem to be making decisions a bit more quickly," he said. SOLD: 23 Linda Street, Coburg, VIC 3058 Pic: Supplied Mr Ponte said the likelihood of further interest rate cuts was helping to boost confidence. "The fact that we're heading into winter and volumes are quite low is also working to sellers' advantage at the moment too," he added. Melbourne still recorded the most auctions of all the capital cities, with 1,030 homes going underthe hammer. The early clearance rate showed 72.2 percent have been successful so far, up from 71.5 per cent the week prior, which revised down to 65.9 per cent once finalised. "It's the seventh week in a row where the preliminary clearance rate has held above the 70 per cent mark," Cotality's Tim Lawless said. At the same time last year, the clearance rate was 63.7 per cent. Strong competition in Geelong and beyond Meanwhile, in Geelong, three active bidders took part in a competitive auction for a three-bedroom, two-bathroom home on a large block at 10 Sycamore Street in Hamlyn Heights. SOLD: 10 Sycamore Street, Hamlyn Heights, VIC 3215 Pic: Supplied The spacious home in a family-friendly neighbourhood eventually sold for $886,000. The vendors, who have three children and built the home in 2012, plan to move to a larger home in the local area. Ray White Victoria chief auctioneer Jeremy Tyrrell said the number of auctions across the state remained strong, along with buyer interest, even as the traditionally quiet winter selling season sets in. SOLD: 10 Sycamore Street, Hamlyn Heights, VIC 3215 Pic: Supplied "This was mirrored across the majority of auctions this week... amid strong competition from buyers with 3.1 active bidders on average across all our auctions," he said. "With the potential for further interest rate cuts, the market is extremely well placed for a strong second half to 2025." Mr Lawless said the number of national capital city auctions is set to reduce next week, with approximately 1,850 currently scheduled and rising to around 1,960 the week after.
The Advertiser
10-06-2025
- Business
- The Advertiser
Rate cuts tipped to drive big price rises
Home prices are trending higher across Newcastle and Lake Macquarie, with property analysts expecting the region's dwelling value could rise up to 10 per cent by next year. Cotality's Home Value Index (HVI) report, released yesterday, revealed that the region's dwelling value (houses and units) increased 0.4 per cent in May. The median dwelling value is $939,456. Unit values experienced the most substantial growth over the month, up 0.6 per cent to hold a median value of $718,493. House prices lifted by 0.4 per cent in May, with a median value of $977,058. Cotality (formerly CoreLogic) head of research Tim Lawless thinks dwelling prices in the region could rise between 6 per cent and 10 per cent by late this year or early 2026. "If we look at the quarterly rate of growth at 1.4 per cent in Newcastle and Lake Macquarie and you do a simple extrapolation, you're looking at growth over the year at around 5.4 per cent," he said. "There is a good chance we will see growth conditions picking up from here, so I would think there could be growth of 6 per cent to 10 per cent for the year. "That's above what we saw a year ago, and it's about what we saw in 2023, but it's certainly not like what we saw during the pandemic. "If you look at the Newcastle region last year, it had growth of 5.1 per cent, so that is a pick up from a year ago, but it's nothing like we were seeing in 2021, where we saw housing value growth at 32 per cent year on year." Dwelling values in Newcastle and Lake Macquarie climbed 1.4 per cent over the quarter, with the prices strengthening after the Reserve Bank of Australia's (RBA) first rate cut in February. Last month, the RBA slashed the cash rate by a further 0.25 per cent to 3.85 per cent, and economists predict another two rate cuts this year. Lower interest rates and increased buyer activity are expected to keep property prices rising. "Interest rates tend to fuel housing demand through improved serviceability and greater borrowing capacity, and just as importantly, improved sentiment, which is really important for housing decision making," he said. "In the same sense, there are plenty of barriers to a significant level of growth ahead of us, and affordability is the main one." Data supplied by Cotality shows dwelling values in Newcastle and Lake Macquarie rose 4.5 per cent in the past 12 months. In the Hunter Valley (excluding Newcastle), dwelling values lifted 0.3 per cent in May and 4.8 per cent over 12 months. National dwelling values rose 0.5 per cent in May, taking the national index 1.7 per cent higher over the first five months of the year. The gains were broad-based, with every capital city posting a rise of at least 0.4 per cent through the month. "The continued momentum we're seeing across almost all markets is no doubt being fuelled by rate cuts - both those that have already happened, but also potential cuts in the coming months," he said. Home prices are trending higher across Newcastle and Lake Macquarie, with property analysts expecting the region's dwelling value could rise up to 10 per cent by next year. Cotality's Home Value Index (HVI) report, released yesterday, revealed that the region's dwelling value (houses and units) increased 0.4 per cent in May. The median dwelling value is $939,456. Unit values experienced the most substantial growth over the month, up 0.6 per cent to hold a median value of $718,493. House prices lifted by 0.4 per cent in May, with a median value of $977,058. Cotality (formerly CoreLogic) head of research Tim Lawless thinks dwelling prices in the region could rise between 6 per cent and 10 per cent by late this year or early 2026. "If we look at the quarterly rate of growth at 1.4 per cent in Newcastle and Lake Macquarie and you do a simple extrapolation, you're looking at growth over the year at around 5.4 per cent," he said. "There is a good chance we will see growth conditions picking up from here, so I would think there could be growth of 6 per cent to 10 per cent for the year. "That's above what we saw a year ago, and it's about what we saw in 2023, but it's certainly not like what we saw during the pandemic. "If you look at the Newcastle region last year, it had growth of 5.1 per cent, so that is a pick up from a year ago, but it's nothing like we were seeing in 2021, where we saw housing value growth at 32 per cent year on year." Dwelling values in Newcastle and Lake Macquarie climbed 1.4 per cent over the quarter, with the prices strengthening after the Reserve Bank of Australia's (RBA) first rate cut in February. Last month, the RBA slashed the cash rate by a further 0.25 per cent to 3.85 per cent, and economists predict another two rate cuts this year. Lower interest rates and increased buyer activity are expected to keep property prices rising. "Interest rates tend to fuel housing demand through improved serviceability and greater borrowing capacity, and just as importantly, improved sentiment, which is really important for housing decision making," he said. "In the same sense, there are plenty of barriers to a significant level of growth ahead of us, and affordability is the main one." Data supplied by Cotality shows dwelling values in Newcastle and Lake Macquarie rose 4.5 per cent in the past 12 months. In the Hunter Valley (excluding Newcastle), dwelling values lifted 0.3 per cent in May and 4.8 per cent over 12 months. National dwelling values rose 0.5 per cent in May, taking the national index 1.7 per cent higher over the first five months of the year. The gains were broad-based, with every capital city posting a rise of at least 0.4 per cent through the month. "The continued momentum we're seeing across almost all markets is no doubt being fuelled by rate cuts - both those that have already happened, but also potential cuts in the coming months," he said. Home prices are trending higher across Newcastle and Lake Macquarie, with property analysts expecting the region's dwelling value could rise up to 10 per cent by next year. Cotality's Home Value Index (HVI) report, released yesterday, revealed that the region's dwelling value (houses and units) increased 0.4 per cent in May. The median dwelling value is $939,456. Unit values experienced the most substantial growth over the month, up 0.6 per cent to hold a median value of $718,493. House prices lifted by 0.4 per cent in May, with a median value of $977,058. Cotality (formerly CoreLogic) head of research Tim Lawless thinks dwelling prices in the region could rise between 6 per cent and 10 per cent by late this year or early 2026. "If we look at the quarterly rate of growth at 1.4 per cent in Newcastle and Lake Macquarie and you do a simple extrapolation, you're looking at growth over the year at around 5.4 per cent," he said. "There is a good chance we will see growth conditions picking up from here, so I would think there could be growth of 6 per cent to 10 per cent for the year. "That's above what we saw a year ago, and it's about what we saw in 2023, but it's certainly not like what we saw during the pandemic. "If you look at the Newcastle region last year, it had growth of 5.1 per cent, so that is a pick up from a year ago, but it's nothing like we were seeing in 2021, where we saw housing value growth at 32 per cent year on year." Dwelling values in Newcastle and Lake Macquarie climbed 1.4 per cent over the quarter, with the prices strengthening after the Reserve Bank of Australia's (RBA) first rate cut in February. Last month, the RBA slashed the cash rate by a further 0.25 per cent to 3.85 per cent, and economists predict another two rate cuts this year. Lower interest rates and increased buyer activity are expected to keep property prices rising. "Interest rates tend to fuel housing demand through improved serviceability and greater borrowing capacity, and just as importantly, improved sentiment, which is really important for housing decision making," he said. "In the same sense, there are plenty of barriers to a significant level of growth ahead of us, and affordability is the main one." Data supplied by Cotality shows dwelling values in Newcastle and Lake Macquarie rose 4.5 per cent in the past 12 months. In the Hunter Valley (excluding Newcastle), dwelling values lifted 0.3 per cent in May and 4.8 per cent over 12 months. National dwelling values rose 0.5 per cent in May, taking the national index 1.7 per cent higher over the first five months of the year. The gains were broad-based, with every capital city posting a rise of at least 0.4 per cent through the month. "The continued momentum we're seeing across almost all markets is no doubt being fuelled by rate cuts - both those that have already happened, but also potential cuts in the coming months," he said. Home prices are trending higher across Newcastle and Lake Macquarie, with property analysts expecting the region's dwelling value could rise up to 10 per cent by next year. Cotality's Home Value Index (HVI) report, released yesterday, revealed that the region's dwelling value (houses and units) increased 0.4 per cent in May. The median dwelling value is $939,456. Unit values experienced the most substantial growth over the month, up 0.6 per cent to hold a median value of $718,493. House prices lifted by 0.4 per cent in May, with a median value of $977,058. Cotality (formerly CoreLogic) head of research Tim Lawless thinks dwelling prices in the region could rise between 6 per cent and 10 per cent by late this year or early 2026. "If we look at the quarterly rate of growth at 1.4 per cent in Newcastle and Lake Macquarie and you do a simple extrapolation, you're looking at growth over the year at around 5.4 per cent," he said. "There is a good chance we will see growth conditions picking up from here, so I would think there could be growth of 6 per cent to 10 per cent for the year. "That's above what we saw a year ago, and it's about what we saw in 2023, but it's certainly not like what we saw during the pandemic. "If you look at the Newcastle region last year, it had growth of 5.1 per cent, so that is a pick up from a year ago, but it's nothing like we were seeing in 2021, where we saw housing value growth at 32 per cent year on year." Dwelling values in Newcastle and Lake Macquarie climbed 1.4 per cent over the quarter, with the prices strengthening after the Reserve Bank of Australia's (RBA) first rate cut in February. Last month, the RBA slashed the cash rate by a further 0.25 per cent to 3.85 per cent, and economists predict another two rate cuts this year. Lower interest rates and increased buyer activity are expected to keep property prices rising. "Interest rates tend to fuel housing demand through improved serviceability and greater borrowing capacity, and just as importantly, improved sentiment, which is really important for housing decision making," he said. "In the same sense, there are plenty of barriers to a significant level of growth ahead of us, and affordability is the main one." Data supplied by Cotality shows dwelling values in Newcastle and Lake Macquarie rose 4.5 per cent in the past 12 months. In the Hunter Valley (excluding Newcastle), dwelling values lifted 0.3 per cent in May and 4.8 per cent over 12 months. National dwelling values rose 0.5 per cent in May, taking the national index 1.7 per cent higher over the first five months of the year. The gains were broad-based, with every capital city posting a rise of at least 0.4 per cent through the month. "The continued momentum we're seeing across almost all markets is no doubt being fuelled by rate cuts - both those that have already happened, but also potential cuts in the coming months," he said.
Sydney Morning Herald
02-06-2025
- Business
- Sydney Morning Herald
Property market records one of the quickest downturns ever
The latest property market downturn has become one of the shortest and shallowest on record, ending just three months after it started. Dwelling values took a hit between November 2024 and January 2025, falling 0.4 per cent nationally, latest data from Cotality (formerly CoreLogic) shows, after a series of interest rate hikes and cost-of-living pressures weighed on buyers' hip pockets. But in February, the month of the first interest rate cut in more than two years, the market started to turn around. The Reserve Bank cut the cash rate in February and May, to have it now sitting at 3.85 per cent. Cotality's Home Value Index for May showed dwelling values have jumped 1.7 per cent over the first five months of the year. Values in every capital city rose in May, by at least 0.4 per cent. Sydney values rose 0.5 per cent in May, Melbourne was up 0.4 per cent, Brisbane 0.6 per cent and Perth 0.7 per cent. Cotality research director Tim Lawless said the latest slowdown was more like a levelling-out of values, rather than an actual downturn, and was a lot less steep than the short downturns of 2020 and 2015. Dwelling values fell 1.8 per cent between April and June 2020 (the start of the COVID-19 pandemic), before skyrocketing on the back of cuts to the cash rate that ultimately reached rock bottom at 0.1 per cent. A similar, quick market turnaround also happened in 2015, when the Australian Prudential and Regulation Authority tightened lending criteria, particularly for property investors. Values fell 1.4 per cent in the December 2015 quarter. 'It really shows how much access to credit, or the ability to borrow money from the banks, can affect housing values,' Lawless said.
