This week, a total of 1,529 properties in Australia participated in the auction on Saturday, with a preliminary clearance rate of 77%. Compared to last week, 1,615 sets of auctions were reduced by about 100 sets. A total of 1,916 properties were auctioned in the same period last year, resulting in a clearance rate of 55.3%. In terms of the number of auctions, Melbourne’s auction volume this week was basically the same as last week. In the clearance rate, the final auction result of 768 properties last week was 74.4%. A total of 769 properties were auctioned this week, with a preliminary result of 76.6%. The luxury market is still strong. The highest sales of this week’s homes are maintained by 11 Kent Court, Toorak. This 3 bedroom, 3 bathroom luxury home has no bright spots in appearance, but it has attracted many buyers to bid. In the end, the mansion in Melbourne’s top richest district sold for $4.7 million, which is 400,000 higher than the landlord’s psychological expectations.
On the north side not far from Toorak, another luxury home from Balwyn also received satisfactory auction results. This family home with 4 bedrooms and 2 bathrooms attracted a total of 6 buyers. The landlord’s psychological reserve price was 2.15 million Australian dollars, and finally sold for 2.625 million Australian dollars, which was nearly 500,000 Australian dollars higher than the reserve price. According to a survey published by Domain, more and more landlords in the auction market chose to sell their homes before the auction, and this data is very similar to the hottest period of real estate in 2012-2017.
Domian economists say the emergence of this situation indicates that more and more “serious” buyers are re-entering the market. In terms of credit, according to ABS data from the Australian Bureau of Statistics, loans increased by 5.1% in July, the highest growth recorded in the past four years. The data shows that among new credit, the proportion of investors’ credit increased by 4.7%, which is the highest since September 2016, reaching A$4.6 billion. From home loans, it increased by 5.3%, the highest level in four years, and the total reached A$13.3 billion.
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