PHOTO: Property Auction. (Peter Rae, SMH)
Property prices continue to break record highs but the market is experiencing a real sense of deja vu.
Some 31,605 homes were taken to auction across the months of April, May and June –12,600 more than the previous quarter.
It marks the busiest period of auctions since the final three months of 2017 when just 800 more homes were on the market, according to CoreLogic data.
The results reflect a clear appetite in the market, with three in four homes in Australia’s combined capitals selling, and property values rising by more than 6% in just three months.
Considering record low interest rates, easy monetary policy and generous government stimulus, it is little wonder there’s so much heat in the market.
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