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 remained tentative in the past week.
Sydney and Melbourne in particular reflected positive home buyer sentiment, clearing in excess of 70% of auctions. However, home vendors remained reserved 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 Adelaide and Perth in the past week while home prices eased in Sydney, Melbourne and Brisbane.
Despite recent volatility in unadjusted home prices, prices have increased in trend terms across all capital cities except Brisbane since the beginning of August.
- 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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