The ANZ Bank has released it’s latest weekly property market update and Sydney’s housing market is maintaining strong momentum:
- Trend home prices continued to rise in the past week in all reported capital cities except Perth were prices were broadly unchanged. Sydney continues to lead the pack with trend home prices up 12.2% y/y followed by Melbourne (+8.2% y/y) and Perth (+6.9% y/y). More modest gains have been recorded in Brisbane (+2.8% y/y) and Adelaide (+1.6% y/y).
- Auction demand and clearance rates remained strong in both Sydney and Melbourne in the past week. Sydney’s auction market continued to post the strongest clearance rate (79% in the week ending 3 November) while Melbourne’s clearance rate was also elevated at 69%. Of the other capital cities, Adelaide cleared 56% of auctions (on 108 reported auctions).
- The number of auction sales has risen sharply with the trend number of cleared auctions at record highs. Auction sales have increased particularly strongly in both Sydney in recent weeks with the number of auctions in the past week only slightly lower than last week’s highest number on record. In trend terms Sydney and Melbourne are clearing around double the number of auctions compared to the same time last year.