As the critical spring real estate trading season enters its second week, activity in the Australian residential real estate market has picked up, but due to the downturn in the property market, the overall transaction scale is still sluggish. According to data from real estate research firm Kotali, nearly 1,600 homes in major capital cities entered the auction process this weekend. The data shows that although this figure is up from a week ago, it is still down about 34% from the same period last year. Kotali Research Director Tim Lawless said in a statement: “The market trend of increased housing entry in spring is showing, but the supply level of housing is lower than last year.” He said that market activity is expected to continue to pick up next week, and the number of homes scheduled to participate in the auction will exceed 1,900 units, then tend to decline at the end of September. Lawless said that although the auction turnover rate rose to 58.5% this weekend, a 19-week high, it was still far below the same period last year. At that time, nearly three-quarters of the auctions were successfully sold. He said, “Compared with the same period last year, the number of properties auctioned has decreased. On the one hand, there are fewer newly listed properties. On the other hand, in a context where the transaction rate continues to be low, more sellers choose to sell properties through private agreements rather than auctions.”

As the critical spring real estate trading season enters its second week, activity in the Australian residential real estate market has picked up, but due to the downturn in the property market, the overall transaction scale is still sluggish. According to data from real estate research firm Kotali, nearly 1,600 homes in major capital cities entered the auction process this weekend. The data shows that although this figure is up from a week ago, it is still down about 34% from the same period last year. Kotali Research Director Tim Lawless said in a statement: “The market trend of increased housing entry in spring is showing, but the supply level of housing is lower than last year.” He said that market activity is expected to continue to pick up next week, and the number of homes scheduled to participate in the auction will exceed 1,900 units, then tend to decline at the end of September. Lawless said that although the auction turnover rate rose to 58.5% this weekend, a 19-week high, it was still far below the same period last year. At that time, nearly three-quarters of the auctions were successfully sold. He said, “Compared with the same period last year, the number of properties auctioned has decreased. On the one hand, there are fewer newly listed properties. On the other hand, in a context where the transaction rate continues to be low, more sellers choose to sell properties through private agreements rather than auctions.”