Nationally there were big increases in Auction activity over the weekend.
2,500 houses were up for sale nationally (versus 1,600 the previous week) with a national average clearance rate of 77 per cent.
Sky News business reporter Edward Boyd said, “if we look back just one week ago it was 1,600 houses for sale, so more and more houses are coming onto the market”. “We’re seeing a lot of buyer confidence coming back”.
Brisbane, with 97 auctions scheduled – one-tenth the number of Sydney – returned a preliminary clearance rate of 62.7 per cent.
According to the Financial Review ‘this result shows the incredible strength of the market at the moment, largely due to a severe stock shortage’.
And just which buyer segments are driving demand right now?
Locally we’re finding there is a good mix of buyers known to us from missing out on properties last year as well as new buyers.
Investors are returning but their numbers are still small.
The Financial Review went on to report that investors are “dwarfed by the amount of first home buyers” in the market right now.
“They went completely silent 12-18 months ago, so there are more than there was then. But, it’s hard to rely on the investors because a lot of first home buyers are paying that emotional price.”