In this week’s housing market update ANZ Bank reported that home prices remained relatively steady in the past week, as consumer confidence finally stabilised following the sharp decline since April.
In seasonally adjusted terms home prices increased in the past week in Sydney, Brisbane and Perth and were lower in Melbourne and Adelaide.
In fact, Melbourne has now posted the sharpest fall in prices across all capital cities for the past 19 weeks.
Auction sales increased significantly as expected this week, following last week’s Queen’s Birthday long weekend. In trend terms, auction numbers remain elevated across all capital cities, reflecting solid vendor confidence despite softer home prices in recent weeks.
Clearance rates remain elevated despite continued moderation in recent months. Melbourne’s auction clearance rate increased to a 12-week high in the past week, while Sydney’s clearance rate remained elevated at almost 72% in the week.
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