The ANZ Bank has released it’s latest weekly property market update- auction markets and price growths have eased moderately in the past week.
- Looking through the softer unadjusted price growth in the past week, trend home prices continued to rise in all reported capital cities. Sydney trend home price was strongest, to be up 12.8% y/y followed by Melbourne (+7.9% y/y) and Perth (+6.9% y/y). More modest gains have been recorded in Brisbane (+3.1% y/y) and Adelaide (+2.5% y/y).
- Auction clearance rates eased, but remained elevated in both Sydney and Melbourne in the past week. Sydney’s auction market continued to post the highest clearance rate (75% in the week ending 24 November) while Melbourne’s clearance rate was 67%. Of the other capital cities, Perth cleared 58% of auctions (on 50 reported auctions), followed by Adelaide (57%, 119 auctions), Canberra (48%, 92 auctions) and Brisbane (46%, 207 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 Melbourne and Sydney in recent months. In trend terms, Sydney is clearing almost 40% more auctions compared to the previous peak in 2010.