Record auction year shows no sign of slowing down for silly season
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 | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
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%.
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.