The Aussie suburbs where auction numbers have tripled

Over the past 12 months, scheduled auctions in some urban and regional suburbs have increased by nearly three times their previous levels.

auction hammer property spi

Ermington in north-west Sydney and Narre Warren South in Melbourne have both seen a 200 per cent increase in auction rates in the last year, according to data from PropTrack.

Following closely was Hornsby Heights, Sydney, which saw a 191 per cent increase over 12 months, along with Pendle Hill, Sydney (180 per cent), Tarneit, Melbourne (178 per cent), Watsonia, Melbourne (173 per cent), Pooraka, Adelaide (160 per cent) and North Rocks, Sydney (155 per cent).

Regional NSW also saw substantial increases in auction rates, with Parkes and Bowral both seeing scheduled auctions rise by 169 per cent.

Across Australia, scheduled auctions have risen by 26 per cent in January to May 2024 compared to the same five-month period in 2023.

Advertisement
Advertisement

“Consistent home equity gains, strong population growth and a tough rental market have contributed to an increase in buyer and seller activity,” said Megan Lieu, economic analyst at REA Group.

Despite cost-of-living stress and elevated interest rates, home prices have increased by 0.3 per cent over May and 6.7 per cent over the past year, with 17 consecutive months of house price increases.

“The upward trend in prices has been driven by heightened levels of demand,” said Lieu, who noted that “recent stabilisation in interest rates has boosted the confidence among vendors and those looking to secure a home”.

Listings have also risen in recent months, with new listings up 18 per cent since May 2023.

“Whether that be in private sales or auctions, this upswing marks an increase in supply and growing confidence in sellers,” said Lieu.

“However, demand still remains at elevated levels and while there has been some recent improvement, supply continues to fall short, with building activity at its lowest levels in a decade.”

Over the coming six months, PropTrack forecasts median dwelling values to continue their upward trend as a result of ongoing low supply and rental market challenges.

You need to be a member to post comments. Become a member for free today!

Comments powered by CComment

Related articles