The ANZ Bank has released it’s latest weekly property market update- auction markets and price growths have eased moderately in the past week.
- Looking through the softer unadjusted price growth in the past week, trend home prices continued to rise in all reported capital cities. Sydney trend home price was strongest, to be up 12.8% y/y followed by Melbourne (+7.9% y/y) and Perth (+6.9% y/y). More modest gains have been recorded in Brisbane (+3.1% y/y) and Adelaide (+2.5% y/y).
- Auction clearance rates eased, but remained elevated in both Sydney and Melbourne in the past week. Sydney’s auction market continued to post the highest clearance rate (75% in the week ending 24 November) while Melbourne’s clearance rate was 67%. Of the other capital cities, Perth cleared 58% of auctions (on 50 reported auctions), followed by Adelaide (57%, 119 auctions), Canberra (48%, 92 auctions) and Brisbane (46%, 207 auctions).
- The number of auction sales has risen sharply with the trend number of cleared auctions at record highs. Auction sales have increased particularly strongly in both Melbourne and Sydney in recent months. In trend terms, Sydney is clearing almost 40% more auctions compared to the previous peak in 2010.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.