27 Mar Market revs for property buying frenzy in biggest week of the year
IT’S like the real estate version of Click Frenzy with thousands of homes set to change hands in a four-day period as we enter the biggest week on the Australian property calendar
THOUSANDS of homes are set to change hands as we enter the biggest week on the Australian property calendar — the pre-Easter surge which ends on Super Saturday.
Pressure is already mounting ahead of the Easter long weekend when the real estate market across the country goes into a voluntary four-day shutdown.
A CoreLogic spokeswoman said the firm was currently tracking 3,689 capital city auctions this week, with 182 of those scheduled in Brisbane – a figure that was “likely to revise upwards as we collect results”.
“We are expecting a pretty big week for auctions as we historically see the week before Easter.”
Last year the week before Easter (which ended on April 9) saw 3,517 capital city auctions as at final figures. “This year will be higher than last year’s pre-Easter week.”
CoreLogic data showed over 111,000 homes had been put up for sale across the combined capitals in the past 28 days, of which 20,127 were in Brisbane, 26,908 in Sydney and 30,321 in Melbourne.
The traditional pre-Easter peak occurs because of interruptions caused by an array of public holidays in quick succession across multiple states, including Labour Day, the Easter quadruple and ANZAC Day.
The market was already ramping up, with the second busiest period of the year logged last week with 3,097 homes taken to auction across the capitals, a massive jump considering the week before that had 1,764 auctions.
Significant increases were expected out of Melbourne, Sydney and in the smaller markets of Brisbane and Canberra “the number of homes scheduled for auction will increase”, according to CoreLogic’s auction preview report.
Among homes set to go to auction this Thursday was the resort-like 39B Castlebar Street – one of the few luxury houses that still exist in Kangaroo Point which comes complete with marina berth.
Owner Fareen Jalal, who’s on the verge of becoming an empty nester, was hoping the annual peak played out in Brisbane. She expected the home to appeal to a young family or professionals, who don’t want to spend too much time in traffic.
“We didn’t like sitting in traffic every morning and afternoon doing school drop-offs and pick-ups so we wanted to live closer to the school,” she said. “The house had all the benefits of penthouse living, but in a detached house.”
Originally published as Market revs for property buying frenzy