As Spring hits across Australia, what can you expect to see from areas near you?
Despite only being a few weeks in, we’re already seeing significant activity growth within the country’s two largest markets – Melbourne and Sydney.
Sydney pulled in 760 auctions in the first week, but Melbourne smashed this performance with an unanticipated 1,039. This is high for markets that are only just emerging from winter, so auction activity can be expected to increase as we get closer to the end of September. And since Melbourne and Sydney make up for close-on 90% of Australia’s auction market, that’s going to have a big impact on the country’s numbers.
Other cities have also been driving growth, with Canberra topping the charts for spring clearance rates. The city has seen a 10% increase compared to 2015/2016 performance, followed shortly by Sydney at 7.7%, Melbourne at 4.2% and Tasmania at 2.2%.
Despite Tasmania, Melbourne and Sydney all witnessing a decrease in auction activity over the same period, they all experienced an overall growth in clearance rates in 2015/2016. Tasmania rose from 35.9% to 38.1%, Melbourne from 73.9% to 78.15%, and Sydney from 73.1% to 80.8%.
This shows low variability in some of Australia’s largest housing markets, which stands the country in good stead for a strong performance this season. The latter half of the year is typically where Australia sees the majority of its real estate activity. This September, budding investors should expect to see across the board growth, not just in larger markets, but also among smaller ones such as Canberra and Brisbane.