This week’s ANZ Property Market Update discusses the latest auction market results.
Here’s what they had to say:
- Home prices continued to increase in the past week, with all capital cities posting positive price growth in seasonally adjusted terms.
Home prices in Sydney, Melbourne and Perth have maintained the strongest growth in recent weeks, with Melbourne home prices paring back some of the September capital losses.
Brisbane and Adelaide have posted weaker gains in recent weeks; however continue to grind moderately higher.
Looking through the weekly volatility, prices are increasing in trend terms in Sydney, Adelaide and Perth while prices are broadly unchanged in Melbourne and Brisbane.
- Solid auction sales in the past week provide a buoyant outlook for the home sales market.
Elevated auction clearance rates, particularly in the Sydney market, reflect positive home buyer sentiment and are likely to support home sales and price growth through the remainder of 2014.
However, auction listings have eased from the strong levels in the first half of 2014 and a solid pipeline of auction listings in the major capital cities in the coming weeks will likely challenge the depth of home buyer demand, auction clearance rates and home price growth.
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