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
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
VariableMore details
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Rates correct as of January 17, 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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