The ANZ Bank has released it’s latest weekly property market update and Sydney’s and Melbourne’s housing market are continuing their strong run.
- 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 12.5% y/y followed by Melbourne (+8.2% y/y) and Perth (+6.8% y/y). More modest gains have been recorded in Brisbane (+3.1% y/y) and Adelaide (+2.0% 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 (78% in the week ending 17 November) while Melbourne’s clearance rate was also elevated at 70%. Of the other capital cities, Canberra cleared 60% of auctions (on 71 reported auctions), followed by Adelaide (53%), Perth (43%) and Brisbane (41%).
- 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 Melbourne and Sydney in recent months. In trend terms, Sydney and Melbourne are clearing almost twice the number of auctions compared to the same time last year.