This week’s ANZ Property Market Update discusses the latest auction market results.
Here’s what they had to say:
- The depth of home buyer demand was tested in Melbourne’s auction market, with the most auctions conducted on record in the past week (1,819).
Melbourne’s clearance rate held up well (70.6%), reflecting solid home buyer sentiment. Auction sales in Sydney also reflected buoyant home buyer sentiment, clearing 78% of total auctions.
In other capital cities, auction sales continued to reflect a cautiously optimistic housing market outlook. Looking ahead, auction clearance rates have eased since the peaks of early 2014, pointing to further moderation in home price growth in the coming months.
- Home prices continued to increase in the past week, with all capital cities except Adelaide posting positive price growth in seasonally adjusted terms.
Home prices in Sydney, Melbourne and Perth have maintained the strongest growth in recent weeks, with Sydney and Melbourne home prices reflecting solid auction sales.
In contrast Adelaide has posted lower home prices in recent weeks. Nonetheless, looking through the weekly volatility, home prices are increasing in trend terms across all capital cities, reflecting a broadly positive outlook for housing sales and price growth in the coming months.
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