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Australian Property Market Update – ANZ Bank – 16th December 2013

The ANZ Bank has released it’s latest weekly property market update- Auction sales have ended 2013 with a record high

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  • Trend home prices continued to rise in all reported capital cities in the past week, except Melbourne where prices were broadly unchanged. Sydney trend home price growth continued to lead the charge, to be up 1.7% m/m, followed by Perth (+1.5% m/m), Adelaide (+0.8% m/m) and Brisbane (+0.5% m/m). Despite solid auction sales Melbourne trend home prices were broadly unchanged in the past month (0.0% m/m).
  • Higher auction clearance rates were posted in all major capital cities except Sydney; however it continued to post the highest clearance rate across capital cities (73%). Both Melbourne and Adelaide cleared 67% of auctions, followed by Canberra (52%, 61 auctions), Brisbane (48%, 211 auctions) and Perth (44%, 53 auctions).
  • Despite lower clearance rates in recent weeks, the number of auction sales has risen sharply, with the trend number of cleared auctions well above the previous peak in 2010. In trend terms, Sydney is clearing 57% more auctions compared to the previous peak in 2010.

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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