Daily Buzz: Wednesday, 1 November
By
PropertyBuzz, your daily dose of property news.
Super Saturday Shatters 18-Month Record, Victoria ready to blitz Planning permit backlog; and a warning to buyers wanting to secure a bargain before Christmas
Welcome to Property Buzz! I’m Grace Ormsby
Today is Wednesday, the 1st of November and our top story for today is Super Saturday’s shattering results.
– Australia’s combined capitals experienced their busiest auction week since Easter 2022, with a more than a third increase in auction volumes.
-A total of more than 3,380 homes went under the hammer – but buyer turnout didn’t match seller demand.
– Despite the increase in auction activity, buyer demand decreased with a preliminary clearance rate of under 70 per cent – Â the lowest since Easter.
– Melbourne had the most auction activity with 1,703 homes auctioned, nearly triple the number from the same time last year. Sydney also saw a significant increase in activity, with over 1,000 auctions.
– Brisbane and Canberra had their busiest auction weeks of the year, while Adelaide had a nation-high preliminary clearance rate upwards of 85 per cent.
In other news
– The Victorian Government is recruiting 90 new planners to address a backlog of 1,400 multi-unit housing applications, 550 of which have been pending for over a year.
– The new hires are set to work with local councils to expedite decision-making and deliver the state’s planning priorities.
– It comes as Victoria strives for the lofty goal of constructing  800,000 new homes over the next decade.
And finally
– There’s been a timely warning from the Real Estate Buyers Agents Association of Australia, who has  warned against homebuyers making hasty decisions to settle before Christmas.
– President Melinda Jennison advises against letting the holiday season dictate property purchases, as it can lead to buying unsuitable properties and facing serious financial consequences.
– She said Common mistakes include over-capitalisation, failure to perform due diligence, and buying properties without viewing them or relying on others’ inspections, which can result in expensive problems.
– Rather than a blanket warning, buyers are advised to taking time to choose a property that suits both their present and future needs, rather than simply rushing to settle before Christmas.
That’s all for today.
See you again tomorrow, 02 November, for your daily dose of Property Buzz.
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