The auction market is not showing any sign of slowing down, recording a preliminary auction clearance rate of 79.2% this week. That compares to 77.2% last week and is the best result since September 2009.
Core Logic RP Data says that out of the 12 weeks of auction results this year, eight have seen clearance rates over 75%.
Auction volumes are also heating up, with 2,531 held across the combined capitals this week, compared to 1,674 last week and just 642 held last year due to the Easter long weekend.
Weekly clearance rate, combined capital cities
Sydney’s preliminary clearance rate was 88.3% after 950 properties were taken to auction – the city’s strongest result on record.
Some of the best performing suburbs this week included the Eastern suburbs, North Sydney, Hornsby and Blacktown.
Weekly clearance rate, Sydney
In Melbourne, the preliminary clearance rate was 78.7%, and the best performing areas included Melbourne’s Outer East and the Inner South.
Capital city median time on market and average vendor discounting results
Is it time to refinance?
And if you haven’t noticed already, home loan rates are becoming increasingly competitive in this low rate environment, which means it could be the right time to consider refinancing.
In Peter’s recent article, he explained how you could save thousands over the life of your loan if you switched to a lower rate today.
“Say you have a $500,000 loan and 25 years left on your mortgage. If you go from a 5% rate to our 4.54% rate, you’ll save nearly $40,000 during the course of the loan. Your monthly repayments also drop from $2,933 to $2,801. So that will see you at least $35,000 ahead, if not more!”
Our sister website, Switzer Home Loans, also offers a competitive 4.68% comparison rate for a five-year fixed loan.
“If you have a fixed rate option, there’s a real possibility you could pay your mortgage down in five years so you wouldn’t have to worry about the new higher variable rate when your fixed term is finished,” Peter said.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances
