JUNE EDITION
05 between demand and supply is continuing to create urgency among buyers , contributing to the upwards pressure on housing prices . But this is misleading as it ’ s ‘ all stock on the market ’. Our new listing authorities are firmly up on two years ago ( up 29 per cent ) and on a year ago ( up 35 per cent ). Our total stock on the market remains down 30 per cent on two years ago but this includes all old stock , a measure we think is misleading to focus on . One metric that has eased slightly is open home attendance from its peak in March when we had more than 80,000 people attend 4,468 open homes , compared to the 75,400 who attended 4,423 listings in May . However we ’ re still recording upwards of 200 attendees at some properties during their campaigns which is incredible heading into the winter selling season .
Our auction markets continue to defy gravity with out of this world results . Across Australia and New Zealand we had 3,800 auctions booked - an all time result for us ! Of those we cleared 74 per cent under the hammer , while 20 per cent sold prior to the auction . Registered bidders remain at five per lot , and we have at least three active bidders at each auction . We are so proud of the fact that we have active bidding on 90 per cent of all auctions and our data shows that our vendors receive on average almost 12 per cent more accepting their highest offer prior by going to auction . That ’ s a consistent figure we have reported all year .
This time a year ago many pundits in the media were making bold predictions about the future of house prices and the industry . It ’ s always been our job to communicate what is happening now and to highlight all the activity taking place .
Of course the relationship between property and finance is a symbiotic relationship and we are so grateful to have insights from our broker friends .
The fastest growing mortgage broker aggregator , Loan Market Group , booked a record May with $ 2.46 billion home loan approvals and $ 1.88 billion in settlements . Record low mortgage rates , and an expectation interest rates will remain low for an extended period of time , have played a central role in stoking Australia ’ s economic recovery and rebound in housing markets . Although the Australian economic recovery has beaten forecasts and appears to be navigating the exit of fiscal support without much of a hitch so far , the cash rate and short-term mortgage rates are likely to remain at their record lows for an extended period of time . This outlook for persistently low rates is due to an expectation that labour markets won ’ t tighten sufficiently enough to increase wages growth to a level that supports inflation moving back to the target range of 2-3 per cent until at least 2024 .
Australia - May 2021 at a glance
Sales New listings Online viewers
6082 5957 3.58M + 73 % + 35 % + 5.9 %
Source : Ray White data . May 1-31 , 2021 ( compared to May 2020 )