Auction results back below 60%, consistent but much lower than the 70% rate 12 weeks ago.
Corelogic again has a great update showing the overall cooling of both the auction rate, and the number of auctions.
The big 4 banks have all shown increases in home renovation loans, so people may be choosing to improve their homes rather than moving. It could also be people are ‘going the extra’ mile to make homes more desirable in a tougher market.
Loan approvals have been even tougher in Sydney and Melbourne. The number of First Home Buyers in the only increasing segment, with buyers taking advantage of the grant and reduced/zero stamp duty.
Its becoming a increasingly more complex market, with many suburbs likely to continue to decline, while some are in strong increase.
Sea changes, tree changes and general livability have come to the forefront in the cyclical market. Investor are now moving toward a family lifestyle based option in satellite cities, or using a duplex/triplex models if closer to the city.