Daily Buzz: Saturday, 3 February

PropertyBuzz, your daily dose of property news.

Sydney’s market looks set to stabilise; a paver comes under fire for failing to finish work; and what to expect from February’s first auction week.

Welcome to Property Buzz! I’m Grace Ormsby. Today is Saturday, 03 February.

– A glimpse into BresicWhitney’s 2023 fourth quarter performance hints at promising conditions across the Sydney in 2024

– The network reported a 51per cent increase in properties brought to market in Q4 2023, with 336 homes sold, compared to 222 in the same period in 2022.

– The firm saw a 16per cent year-on-year increase in the volume of properties sold in 2023, accompanied by a 47per cent increase in the number of properties listed.

– Given these figures, coupled with increasing foot-traffic to open hopes and an average of 3.5 bidders per auction, the firm is predicting fewer fluctuations in 2024, as strong market fundamentals appear to have held strong at the beginning of the year.

And in Western Australia, homeowners are being warned about the risks of paying large deposits upfront for work after paver failed to complete a job despite receiving a 50per cent deposit.

– The tradesman pleaded guilty in Perth Magistrates Court for receiving a $2,535 deposit and not completing the work. He was ordered to compensate the customer and fined $4,000.

– The state’s Commissioner for Consumer Protection reminded contractors that it’s unacceptable for tradespeople to take deposits without completing the work and warned of legal action against such practices.

– The watchdog also advised home renovators to ensure they’re only paying a small amount before work begins or negotiate progress payments, and to lodge a complaint if they experience unreasonable delays.

And finally, February auctions are off to a strong start with 1,706 homes up for auction across the combined capitals this week, according to CoreLogic, marking a 29 per cent increase from the same period last year.

– Melbourne is expected to be the busiest capital with 608 homes scheduled for auction, a significant increase from the previous week’s 192 and January’s 313 auctions.

– Sydney is close behind with 591 homes scheduled for auction, a 28 per cent increase from the same week last year, while Adelaide will see a 19 per cent increase in auction volumes with 144 homes.

– CoreLogic suggests the month’s results could indicate whether the weaker selling condition seen at the end of last year has continued into 2023 or if buyer sentiment has improved.

That’s Property Buzz for today. 

See you again Monday, 05 February, for your daily dose of Property Buzz.”

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