Australian Property Market Update – ANZ Bank – 4th November 2013

The ANZ Bank has released it’s latest weekly property market update:

• Trend home prices continued to rise in the past week in all reported capital cities except Perth were prices were broadly unchanged. Sydney continues to lead the pack with trend home prices up 11.7% y/y followed by Melbourne (+8.0% y/y) and Perth (+7.1% y/y). More modest gains have been recorded in Brisbane (+2.5% y/y) and Adelaide (+1.3% y/y).
• Auction demand and clearance rates remained strong in both Sydney and Melbourne in the past week. Sydney’s auction market continued to post the strongest  clearance  rate  (77%  in  the  week  ending  3  November)  while Melbourne’s clearance rate was also high at 71%, albeit on a low number of auctions (due to the Melbourne Cup public holiday on Tuesday). Of the other capital cities, Adelaide cleared 80% of auctions (on 116 reported 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 Sydney in recent weeks with the number of auctions in the past week the highest on record. In trend terms Sydney and Melbourne are clearing around double the number of auctions compared to the same time last year.