This week’s ANZ Property Market Update discusses what’s happening in our auction markets and includes some interesting graphs and stats.
Here’s what they had to say:
- Housing market sales continued to reflect positive housing market sentiment in the past week. In original terms, auction listings rose solidly, particularly in Sydney and Melbourne, to sit above trend levels.
Meanwhile, clearance rates eased on higher auction sales, although remained elevated. Sydney’s clearance rate was a strong 77%, followed by Melbourne and Adelaide at 69%.
- In seasonally adjusted terms, home price gains were mixed in the past week. Prices edged higher in Adelaide and Brisbane while home prices fell in Sydney, Melbourne and Perth.
Looking through the volatility, prices are increasing in trend terms in Sydney and Adelaide while prices are flat in Perth and easing very modestly in Brisbane and Melbourne, although Melbourne house prices are now down 2.4% from their peak in original terms.
- Looking ahead, steady consumer confidence in recent weeks and elevated auction clearance rates foreshadow short-term support for sales demand and further (albeit more moderate) home price gains in Sydney and Melbourne in particular.
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