Based on Reported Auction Results*

Volume Remains Low Throughout Autumn 2023

Low auction volume levels continued through autumn: considerably down on normal years. At the height of the autumn season, numbers typically from Saturday auctions can top one thousand, but as can be seen from the numbers above, this year we are well short of this throughout the review period. Not surprisingly, general uncertainty with interest rate movements and the economic scene has put a break on activity in the property scene.

Notwithstanding the decline, success at auctions is at quite healthy levels with any success figure circa 70% indicating prices are firm and or rising. It has been mentioned on many occasions previously in our commentary, the housing market overall is not rising at a consistent level across property types. The stand out winners are established houses on their own block of land. At the other end of the price growth spectrum are new and very modern apartments, particularly in larger developments. Growth rate prospects for these have diminished noticeably over recent years as high rise and multi-unit developments have taken over the property landscape. This pattern and investment consideration is likely to remain.

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Bruce Renowden
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