The ANZ Bank has released it’s latest weekly property market update:
Daily RP Data indices show home prices increased in the past week with prices higher in seasonally adjusted terms across all major capital cities except Adelaide, where prices were unchanged.
Home prices continued to increase in the week in trend terms in Sydney, Melbourne and Adelaide, and were unchanged in Brisbane and Perth.
In the past year the Sydney property market has posted the strongest trend price growth (up 10.9% y/y) followed by Melbourne (+7.9% y/y) and Perth (+6.8% y/y), with more modest gains in Brisbane (+2.4% y/y) and Adelaide (+1.5% y/y). In seasonally adjusted terms, the strongest weekly home price gains to 20 October were in Sydney (+0.5% w/w, +2.8% m/m) and Melbourne (+0.4% w/w, +0.8% m/m). Home prices were also higher in Brisbane (+0.1% w/w, 0.0% m/m) and Perth (+0.1% w/w,
+0.9% m/m) and were unchanged in Adelaide (0.0% w/w, -1.1% m/m).
- Auction demand and clearance rates remained very strong in both Sydney and Melbourne in the past week. Sydney’s auction market continued to post the strongest clearance rate across capital cities (81% in the week ending 20 October) while Melbourne’s clearance rate was solid at 70% on an elevated 1,124 auctions. Of the other capital cities, Adelaide cleared 68% of auctions (on 84 reported auctions). In trend terms, auction clearance rates remained the highest in Sydney, Melbourne and Adelaide. In contrast, trend clearance rates in Brisbane have been softer and Perth trend clearance rates have been more volatile (reflecting the small number of auctions).
- The number of auction sales has rebounded strongly in the past two weeks, with the trend number of cleared auctions at 5-year highs. Auction sales have increased strongly in both Sydney and Melbourne in recent weeks. In trend terms Sydney is clearing more than double the number of auctions compared to the same time last year, while Melbourne is clearing around 70% more auctions over the same period. Strong trend clearance rates and home price gains are expected to continue to support solid sales levels across Sydney and Melbourne in particular in the coming weeks.