Home prices rebound in Sydney and Melbourne | ANZ Bank

This week’s ANZ Property Market Update discusses what’s happening in our auction markets and includes some interesting graphs and stats.

Here’s what they had to say:

• Despite consumer confidence remaining only moderately higher than the recent post-Budget lows, home prices increased strongly in Sydney, Melbourne and Brisbane in the past week. In seasonally adjusted terms, home prices increased sharply in Melbourne, while Sydney, Brisbane and Adelaide posted softer price growth. In annualised trend terms, Melbourne and Sydney home prices increased at 8.3% and 11.5% respectively in the past week.
• Auction sales eased lower in the past week as auction markets continued to slow through winter. Nonetheless, auction sales remain elevated for this time of year, with higher prices and solid clearance rates encouraging home vendors to list properties for auction.
• Auction clearance rates remained elevated in Sydney, Melbourne and Adelaide on lower auction sales in the past week, reflecting strong home buyer demand. In original terms, Sydney’s clearance rate was a strong 76%, followed by 67% in Melbourne and 62% in Adelaide.