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:
- While auction sales have taken a hiatus through January, home prices have consolidated the strong gains from the second half of 2013 in all capital cities except Melbourne, where prices were up a solid 2.0% m/m in trend terms. Sydney and Brisbane trend home price were also higher in the month, to be up 0.9% m/m and 0.4% m/m respectively. In contrast, trend prices eased in the month in Perth and Adelaide.
- Following a strong finish to 2013, auction clearance rates and sales have remained elevated in seasonally adjusted terms in the first few weeks of 2014. Sydney’s auction market posted the highest clearance rate (81% in the week ending 9 February) while Melbourne’s clearance rate was 69%.
- Following a subdued start to 2014, we expect housing market momentum to remain positive in 2014, buoyed by improved household confidence and an extended period of low interest rates.
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