Search Results for: Corelogic
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Elite Agent
87.7% of homes sold for profit in March quarter
Less than 13 per cent of houses resold at a loss during the first quarter of 2020, despite floods, bushfires and COVID-19. New figures from CoreLogic analysed approximately 72,500 sales over the first three months of the year. It shows profit-making sales in March were only down 1 per cent from the December quarter, a nominal amount. Gross profit was…
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Real Estate News
COVID-19 impacts Queenstown, while NZ market activity returns to normal
Today's QV House Price Index (HPI) figures from CoreLogic have shown that COVID-19 has impacted property values to a mild degree, although nowhere near rates shown in Australia.Nationwide property values dropped 0.2%, with four of the six maincentres showing declines. Interestingly, Tauranga and Christchurch increased at the same rate as the national drop, rising 0.2%.…
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Real Estate News
Victorian lockdowns do little to dampen buyer enthusiasm
Two additional postcodes have been added to the list of locked down suburbs in Victoria, with Kensington, Flemington, Hotham Hill and North Melbourne joining the restricted areas as of midnight Saturday. They add to a lengthy list of suburbs already subject to restrictions due to a surge in Covid-19 cases in the Victorian capital. According…
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Real Estate News
Preliminary clearance rate improves while fewer homes taken to auction
Preliminary clearance rate improves while fewer homes taken to auction As is traditionally the case, school holidays had a direct impact on auction volumes this week across the capitals, with a total of 1185 homes scheduled for auction compared to 1485 last week. While volumes were lower, the clearance rate trended higher, according to CoreLogic…
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Real Estate News
Values fall in June across the larger capital cities
Despite Australians beginning to take baby steps out in the world again, real estate values across the combined capitals have continued to drop for the second month in a row, falling 0.7 per cent in June, after a 0.4 per cent decline in May. But it’s not all bad news for owners – especially those in Hobart and Darwin. The…
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Real Estate News
Seller confidence on the up as clearance rate holds steady
Seller confidence continues to improve with the capitals reporting the highest number of auctions in nine weeks on Saturday, along with volume and clearance that exceeded this time a year ago. CoreLogic reported 1424 homes went to auction at the weekend, returning a preliminary clearance rate of 64.5 per cent. “This was the highest number…
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Real Estate News
Noosa scores Qld’s priciest properties and Mackay market soars
Queensland’s residential property market continues to show strong and relatively stable results, with regional markets leading the charge. According to the Real Estate Institute of Queensland (REIQ), the first three-monthly quarter (1 January 2020 – 31 March 2020) indicates the Sunshine State remains resilient. The state’s capital, which achieved the highest number of annual sales, saw modest price increases in…
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Real Estate News
Clearance rate continues to climb on the back of higher volumes
Both auction volumes and the clearance rate lifted this week, with 1262 homes scheduled for auction in the capitals, returning a preliminary clearance rate of 66.1 per cent. CoreLogic reported this was up from the 63.3 per cent preliminary clearance rate returned last week across 1181 auctions, which later revised down to 59.3 per cent…
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Real Estate News
Preliminary auction clearance rate rises as volumes increase
The preliminary clearance rate lifted to 63.3 per cent this week as volumes also showed further signs of increasing. Across the capitals, CoreLogic reported 1164 properties were scheduled for auction; the busiest week for auctions since the week ending 19 April. Last week, there were 711 scheduled auctions with a preliminary clearance rate of 59.8 per cent, which later revised…
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Real Estate News
Auctions soften over long weekend
The long weekend delivered both a lower volume of auctions and a softer clearance rate as most states and territories kicked back to enjoy the Queen’s Birthday public holiday. This week, CoreLogic reported 694 capital city homes were scheduled for auction, with preliminary results returning a 59.8 per cent clearance rate. The previous week saw 856 homes scheduled for auction…
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Real Estate News
Perth rental stock dropping rapidly
Perth’s rental stock has been quickly absorbed, with listings falling by 17 per cent in May to 4,676 – the lowest they have been since November 2013. REIWA President Damian Collins said despite speculation about a potential challenging real estate market, according to the May reiwa.com data overall it is doing quite well. “The strong demand we have seen for…
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Real Estate News
NZ property market losing steam, but full picture still unclear
Property values in New Zealand are losing momentum on the back of the pandemic, but according to the just-released May 2020 QV House Price Index it’s still too early to get a full picture of housing market performance. The HPI showed the number of residential property sales across New Zealand was extremely low through April and May, and the monthly…
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Real Estate News
The RBA leaves rates on hold in June
The RBA has elected to keep the cash rate on hold at the record low level of 0.25 per cent. At its June meeting on Tuesday, the board decided to continue with a wait and see approach which was in line with what most analysts had been expecting. The RBA had slashed the official cash rate from 0.75 per cent…
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Real Estate News
Property prices remain ‘resilient’ in May despite lockdown
Property prices across Australia’s capital cities have fallen for the first time since June last year. Against the backdrop of wide-ranging shutdowns, the latest data from CoreLogic has shown the combined capital cities have fallen by 0.5 per cent in May. The results around the country were mixed, with Adelaide, Hobart and Canberra all recording price increases, while it was…
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Real Estate News
Clearance rate and auction volumes continue to strengthen
Auction volumes have continued to strengthen this week as the capital city clearance rate remains a heartening 65.9 per cent. Although the volume is still tracking at just over half that recorded during the same time in 2019, this week 867 capital city homes were scheduled for auction. The previous week saw 612 homes scheduled for auction and a final…
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Real Estate News
Tassie tops regional market as WA outlook improves
The housing market in Tasmania has been the strongest performer across the entire country over the last five years – and the trend has not just been limited to Hobart. According to CoreLogic‘s quarterly regional review, which looks at capital growth over the year to April, Launceston and the North East region remain the top performer across both the house…
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Real Estate News
Clearance rate hits pre-Covid high as volumes continue to lift
The combined capital city clearance rate has rebounded to its highest level since early March, surpassing the 70 per cent mark as volumes also show signs of improving. This week, 613 auctions were scheduled across the capitals, marking an increase on previous weeks and returning a promising clearance rate of 70.9 per cent. CoreLogic notes this was the highest preliminary…
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Real Estate News
What lies ahead for the 2020 property market
Despite the massive impact the COVID-19 pandemic is having on the economy worldwide, Australian property analysts say there are still reasons to be optimistic about the industry in 2020. According to CoreLogic‘s March Quarter Property Market & Economic Review, released this week, historically property values have remained relatively insulated in times of negative economic shock, but transaction numbers will likely…
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Real Estate News
Clearance rate strengthens on the back of eased restrictions
Relaxed social distancing regulations are showing early signs of positively impacting the auction market, with Sydney this week bouncing back to a preliminary clearance rate of 73.4 per cent. The welcome bolster to Sydney’s results helped lift the capital city clearance above 60 per cent, but CoreLogic is urging caution when analysing the results, with volumes still trending lower. Their…
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Real Estate News
On-site auctions resume but numbers still low
The number of homes scheduled for auction continues to trend lower, despite most states having lifted the ban on on-site auctions and inspections. Only 365 auctions are scheduled this week, lower than the 480 auctions last week – and it’s likely to be a few weeks before there’s an uplift in scheduled volumes due to agents generally running four-week marketing…
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Real Estate News
Auction clearance rate jumps – is this the start of recovery?
Auction clearance rates have hit 59.9 per cent on the back of on-site auctions resuming in New South Wales last week – the highest clearance rate result since strict social distancing measures were rolled out across Australia. According to CoreLogic, the clearance rate for the week ending 10 May was up from 47.5 per cent the previous week and a…
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Elite Agent
Clearance rate lifts as on-site auctions ready for return
As auctions prepare to welcome back the public on-site, the clearance rate has enjoyed a boost. CoreLogic notes this week’s preliminary clearance bounced back to 64.5 per cent, marking the first time it has exceeded 60 per cent since late March. Volumes on the other hand, remain subdued. The past weekend saw 473 auctions scheduled, which was down on the…
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Real Estate News
Auction volumes still down but comeback on the way
Low sentiment, tough selling conditions and regulations preventing open homes and on-site auctions continue to push the number of scheduled auctions down this week – but an uplift could be coming sooner than expected. CoreLogic reports 424 capital city homes are scheduled for auction, down on the 612 homes auctioned last week. But with news the NSW and WA state…
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Real Estate News
Auction withdrawals hit all-time high as vendors and agents adapt to COVID-19 regulations
Auction withdrawal has spiked to about eight times the usual rate and the clearance rate for the combined capital cities has reached record lows since on-site auctions and property inspections were banned in response to the COVID-19 crisis. CoreLogic reports from the week ending 29 March to the week ending 3 May, the portion of scheduled auction events withdrawn averaged…
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Real Estate News
RBA keeps interest rates at record-low 0.25 per cent
With the Australian economy still feeling the full impact of social distancing measures, the RBA has made the decision to leave interest at a record-low 0.25 per cent. The RBA made two rate cuts in March, including an emergency cut that saw the official cash rate fall to its lowest level on record. It was widely expected that the RBA…
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Real Estate News
House prices remain steady as transactions slow
Despite the nation-wide shutdown that has made life tough-going for most real estate agents, house prices have remained stable throughout April. According to the latest data from CoreLogic, house prices nationwide ticked higher, up 0.3 per cent. House prices in Sydney increased by 0.4 per cent, however, values did ease in Melbourne, with prices down -0.3 per cent over the…
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Real Estate News
Auction volumes to remain low for foreseeable future
Auction volumes are likely to continue at a lower rate for the foreseeable future, according to CoreLogic, with just 590 properties scheduled for auction across the capitals this weekend resulting in a clearance rate of 59.6 per cent. Volumes were up slightly on the week prior when 413 homes were scheduled for auction and a final clearance rate of 41.1…
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Real Estate News
Which rental markets are most impacted by COVID-19?
COVID-19 is having varied impacts on residential property, but arguably the biggest impact could be in the rental space. According to CoreLogic, prior to COVID-19, the Australian rental market was already weak and with new challenges like Australian borders remaining closed to tourists and government policies restricting short-term rental arrangements, some Airbnb rentals are converting to long-term rental supply. CoreLogic…
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Real Estate News
Auction activity slows for Anzac Day
A combination of Anzac Day commemorations and ongoing on-site auction restrictions saw just 431 properties go to auction across the capitals this week, with results only available for 223 of the properties as of Monday. CoreLogic results indicate volume was down on the 1,922 properties auctioned the previous week as the nation stopped to remember the Anzacs on Saturday and…
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Real Estate News
Property values holding on amid COVID-19 crisis – for now
While the COVID-19 downturn has had a dramatic impact on agent activity and listings volumes in residential real estate, reports indicate that so far the value of dwellings has been relatively resilient. It’s still likely that property values will fall amid the downturn, but according to CoreLogic the decline in momentum across property values has been mild relative to what…
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Real Estate News
Auctions nosedive on back of pandemic and public holiday
The number of homes scheduled for auction this week took a dive, with only 314 properties scheduled for auction across the combined capital cities. According to CoreLogic, the lower volumes are partly due to coronavirus reducing the number of vendors serious about taking their property to auction in more challenging conditions, and also because Anzac Day falls on Saturday –…
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Real Estate News
Stamp duty reduction a missed opportunity: REINSW
The Real Estate Industry of New South Wales (REINSW) is calling on the State Government to slash stamp duty in response to the economic fallout from COVID-19. Noting the industry has argued for the removal of stamp duty for years, the industry body now says reducing it offers a lifeline. “We’ve called it inefficient, unreasonable, unfair, an unnecessary burden and,…
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Real Estate News
Higher auction volumes again weighed down by withdrawals
Scheduled auction volumes increased this week, almost trebling in numbers after the Easter weekend, but as seen in previous weeks the results were weighed down by withdrawals, with the clearance rate coming in at 39.1 per cent. Across the capitals 1848 properties were listed for auction compared to 634 the week prior, according to CoreLogic’s figures. Of the 356 properties…
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Real Estate News
Subdued Easter auction market
The Easter long weekend delivered subdued auction results, with just 636 homes slated for auction across the combined capitals, returning a preliminary clearance rate of 29.3 per cent. CoreLogic noted the clearance rate was again dragged down by withdrawn properties, with 57 per cent of listings pulled “as the auction market continues to face challenges around social distancing measures banning…
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Real Estate News
The RBA Leaves the Cash Rate on Hold at 0.25 per cent
At its monthly meeting today, the RBA has decided to leave the cash rate on hold at 0.25 per cent. The move that was widely tipped by analysts will see the cash rate remain at historic lows for the foreseeable future. In mid-March, the RBA held its first emergency meeting since 1997 to slash the cash rate to current levels…
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