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James O. ·

Market pulse: what are you seeing at inspections and auctions?

One running thread for weekend reports. Suburb, property type, how many groups, and how it went. I'll start: Norwood, Adelaide. Three bedroom villa, about 30 groups through, sold before auction.
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  1. Sarah M. ·

    Saturday in Preston: three auctions. Two sold under the hammer, one passed in and sold an hour later. Plenty of first home buyers, very few investors.

  2. Tom W. ·

    Geelong West open home had 25 groups through in 30 minutes. The quoted range felt 50k light to me.

  3. Mei L. ·

    Same story in Brisbane's north. Anything under 900k with a yard gets crowded. Units are quieter.

  4. Daniel K. ·

    Perth is still tight. Two homes I inspected went under offer before the first weekend was over.

  5. Chloe R. ·

    Quieter in Newcastle than in autumn. Agents are calling back now, which tells you something.

  6. James O. ·

    Interesting. In Adelaide's southern suburbs I'm still seeing multiple offers on anything renovated.

  7. Priya S. ·

    Parramatta units: lots of stock and hardly any investors. A few owner occupiers picking off the good ones.

  8. Ben C. ·

    Hobart feels flat. Days on market are long and vendors are starting to meet the market.

  9. Olivia N. ·

    Ballarat auctions this weekend: one sold, two passed in. Bidding stopped at the bottom of the quote range.

  10. Ahmed H. ·

    Western Sydney townhouses are moving, but buyers are pushing hard on building reports and strata minutes.

  11. Jess T. ·

    Canberra is soft for units. Houses in established suburbs still draw a crowd on Saturday.

  12. Marco D. ·

    Inner west Sydney: one terrace, 40 groups, sold well over reserve. Hard to read much into one sale though.

  13. Hannah B. ·

    Great reports so far. If you can, add the suburb and the property type so others can compare like with like.
    4

  14. Sarah M. ·

    Fair point. Preston again: two bedroom units sitting for six weeks, three bedroom houses gone in two.

  15. Tom W. ·

    Torquay is the opposite of Geelong. Holiday homes listed in winter are still sitting there.

  16. Mei L. ·

    Logan houses under 650k still draw 15 to 20 groups. Investors are back there.

  17. Daniel K. ·

    Mandurah too. A lot of eastern states buyers bidding sight unseen through buyers' agents.

  18. Chloe R. ·

    Lake Macquarie waterfront has cooled. Agents are inviting offers now rather than holding firm.

  19. James O. ·

    Mount Barker in the Adelaide Hills: new estates competing with established homes, so prices are flat.

  20. Priya S. ·

    Has anyone else noticed more vendors offering short settlements to get a deal done?

  21. Ahmed H. ·

    Yes, saw 30 day settlements offered twice this month in Blacktown.

  22. Jess T. ·

    And in Canberra a vendor offered to cover strata levies for six months on a unit. Incentives are creeping back.

  23. Ben C. ·

    Launceston is busier than Hobart. Families moving for cheaper houses and the schools.

  24. Olivia N. ·

    Bendigo had its first sunny Saturday in weeks and every open home was full. Weather still matters.

  25. Marco D. ·

    Ha, true. Sydney auctions in the rain still had decent crowds though.
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  26. Sarah M. ·

    Clearance rates around us are down on last month, but well above the low point a couple of years ago.

  27. Tom W. ·

    Geelong update: the house I mentioned sold 30k over the top of the range. So the range was light after all.
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  28. Mei L. ·

    Inner Brisbane units with good body corporate records are starting to attract investors again.

  29. Daniel K. ·

    Perth rents are still rising at renewals, but the jumps are smaller than last year.

  30. Chloe R. ·

    Maitland is a good example of supply catching up. Lots of new homes on the market for sale and for rent.

  31. Hannah B. ·

    Halfway through the month. Thanks all, this thread is gold for anyone new to inspecting.
    2

  32. James O. ·

    Glenelg apartments: plenty of interest from downsizers, not many investors at those prices.

  33. Priya S. ·

    Had a building inspector flag a slab issue on a Ryde townhouse. Walked away. Worth every cent of the 600 dollar report.
    5

  34. Ahmed H. ·

    Good call. Defects in townhouses are often common property issues too, so read the strata minutes.

  35. Jess T. ·

    Belconnen: sold before auction for a number that surprised the agent. Buyers wanting certainty.

  36. Ben C. ·

    Seeing more investors sell in Hobart. Two of the four listings in our street are tenanted.

  37. Olivia N. ·

    Ballarat East: older weatherboards needing work are the ones getting crowds. Renovated ones sit longer.

  38. Marco D. ·

    Same in Marrickville. Original condition homes bring the builders and renovators out.

  39. Sarah M. ·

    The Reserve Bank's latest statement has a good chart pack if you want the bigger picture: rba.gov.au/publications/smp/
    Statement on Monetary Policyrba.gov.au
    3

  40. Tom W. ·

    Thanks Sarah, the household section was worth the read.

  41. Mei L. ·

    Ipswich update: rents flattening a little, and vacancy creeping up from very low levels.

  42. Daniel K. ·

    Rockingham had a unit sell in 9 days with no price on it. Agents are testing the market.

  43. Chloe R. ·

    Price guides are getting more realistic in Newcastle. Fewer underquoting grumbles at the opens.

  44. James O. ·

    Any Adelaide people seeing interstate investors drop off? Opens feel more local lately.

  45. Priya S. ·

    Yes, the agent at an Elizabeth open said interstate enquiries have halved since autumn.

  46. Ahmed H. ·

    Since the rate rise, two buyers I know have pulled out of auctions. Their brokers cut their borrowing capacity.
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