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:
- Despite continued buoyant home buyer demand, auction listings and home prices made a tentative start to spring. Sydney, Melbourne and Adelaide reflected positive home buyer sentiment, clearing in excess of 70% of auctions. However, home vendors made a cautious start to spring with the number of auctions around trend levels.
- In seasonally adjusted terms, home price gains were mixed in the past week. Prices edged higher in Sydney and Adelaide in the past week while home prices eased in Melbourne, Brisbane and Perth. Nonetheless, trend home price growth remained elevated at 11.2% in monthly annualised terms.
- Looking ahead, steady consumer confidence in recent weeks and elevated auction clearance rates foreshadow short-term support for sales demand and further home price gains in Sydney and Melbourne in particular.
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