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Australia's house auction liquidation rate rose to its highest since March, how prices rose and fell

Source: xkb.com.au
[Economic News]     01 Nov 2020
Low-interest loans, deregulation of the new crown and a seasonal rise in the number of house for sale are driving competition in australia's property market and pushing the national real estate auction liquidation rate to its highest level since march, with three out of every four units sold at auction.
Australia's house auction liquidation rate rose to its highest since March, how prices rose and fell

A five-bedroom house in Kensington, Sydney, sold $3 million, well above the reserve price. (Photo of Australian Financial Review)

Low-interest loans, deregulation of the new crown and a seasonal rise in the number of house for sale are driving competition in australia's property market and pushing the national real estate auction liquidation rate to its highest level since march, with three out of every four units sold at auction.

The initial winding-up rate CoreLogic 77 percent in the week ended Saturday in the national auction market dominated by Sydney and Melbourne, slightly higher than the previous week's 76.2 percent, according to data from the Australian real estate Research Institute on Sunday. The initial liquidation rate of the previous week was revised to 66.9.

Australia's housing market is reversing the decline during the winter and pandemic, but the clouds have not dissipated. Higher unemployment and lower immigration are expected to drag down economic and housing next year. This highlights the reasons why the Reserve Bank of Australia (Reserve Bank of Australia) is brewing economic stimulus measures such as quantitative easing, Melbourne Cup Day (Melbourne Cup Day) interest reduction.

"It's a good time to trade and buy a house, but people are still talking about what will happen next year ," said Emma Bloom, director of Melbourne's Morrell&Korn real estate agency. No one knows what will happen next year. "

Melbourne's real estate auction this week had a preliminary liquidation rate of 75.8 percent, up from 72.6 percent the previous week. The previous week's initial liquidation rate was revised down to 63.5.

The high-end market is still strong. At albert park (Albert Park) in south-central melbourne, a three-story six-bedroom detached house sold to a couple who had just seen it that morning for about $11 million on monday night. Previously, the house had a reserve price range of 11 million to 11.5 million Australian dollars.

CoreLogic another October house price data, due next Monday, could deepen the perception that markets are stagnating. The research institute's daily index showed that it was a depressed month, with home prices in five major Australian states rising by an average of 0.2 percent.

The rise was more pronounced in smaller state capitals, with brisbane and perth up 0.6 per cent and adelaide up 1.2 per cent. Sydney rose only 0.1 percent, while Melbourne fell 0.2 percent. This means that the current strong winding-up rate does not mean that the market is increasingly prosperous.

Oliver (Shane Oliver), chief economic of security capital (AMP Capital), said on sunday :" it's more a sign of a rebound in activity than a price take-off'."

"As usual, when the winding-up rate reaches this level, for example, in the 1970s, you'll see annual house price increases of up to 10%, or 0.8% to 0.7% per month. "

Housing credit rose 0.4 percent in September, the highest monthly increase in more than two years, according to the Reserve Bank of Australia on Friday. Among them, self-housing loans increased by 0.5.

Sydney's real estate auction market remained strong, with an initial liquidation rate of 79.6 percent, slightly lower than 80.4 percent the previous week. However, the previous week's data was revised down to a lower 70.4 percent.

On saturday in kensington (Kensington), south-east sydney, four groups of prospective buyers competed fiercely for the real estate of a five-bedroom deceased and eventually sold the independent home for $3 million, well above the 350,000 reserve price.

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