Record auction year shows no sign of slowing down for silly season

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on December 22, 2021 Fact Checked
Record auction year shows no sign of slowing down for silly season

Off the back of a bumper year, records continue to tumble for Australia’s property market recording its busiest ever month for real estate auctions.

CoreLogic figures detailed 116,684 capital city auctions have been held throughout 2021 to date, surpassing 2017 as the busiest auction year on record with 109,268.

Typically a slower month for real estate activity, December is bucking the trend with 4,756 homes auctioned in the past week alone resulting in the second busiest week since CoreLogic records began in 2008.

Melbourne was home to the busiest auction market with 2,140 homes taken to auction, followed by Sydney with 1,631 auctions.

This is the fourth consecutive week more than 4,000 capital city homes have been taken to auction, with the same period last year cracking over 2,000 auctions per week.  

CoreLogic said there were 600 auctions scheduled for this week ahead of Christmas Day on Saturday, which is remarkably higher than the average for the lead into Christmas.

“Activity doesn’t normally rebound until late January or early February, however we could see an earlier start to the season if the December momentum carries through to 2022,” CoreLogic noted in its report.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
UNLIMITED REDRAWS
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Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
AN EASY DIGITAL APPLICATION
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AN EASY DIGITAL APPLICATION

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  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
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Yard PAYG Home Loan (Principal and Interest) LVR ≤ 80%

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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 7, 2022. View disclaimer.


Clearance rates fall despite records tumbling

The higher volumes of auctions across the nation over recent months have not stopped the preliminary clearance rate continuing a downward trend.

CoreLogic data reported of the 3,838 results collected from the second busiest week on record, 63.4% were successful in achieving clearance.

This figure remains down on the previous week where CoreLogic notes a preliminary clearance rate of 66.6% was recorded and down across the same period last year recording a clearance rate of 69.8%.

Weekly Auction Clearance Rate.JPG

Source: CoreLogic

Keen to find out more about what’s in store for the property market in 2022? Check out the suburbs to watch across major capitals including Melbourne, Sydney, Brisbane, Adelaide, Hobart.


Image by Gus Ruballo via Unsplash



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Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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