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:
- Sydney home prices continued to increase in the past week, consolidating recent gains. In contrast, other capital cities have posted more tentative gains.
In seasonally adjusted terms, prices in Sydney, Melbourne, Brisbane and Perth all rose while prices in Adelaide eased. Looking through the weekly volatility, prices are increasing in trend terms in Sydney, Adelaide and Perth while prices are easing moderately in Melbourne and Brisbane.
- While Melbourne auction market sales rebounded solidly from last week’s AFL Grand Final weekend, Sydney auction listings in the past week were negatively impacted by the NRL Grand Final.
Looking through the volatility in auction sales, auction clearance rates have eased slightly in recent weeks reflecting more stable home buyer confidence.
- Looking ahead, steady consumer confidence and moderation in auction clearance rates in recent weeks foreshadow some modest easing in home buyer demand and likely more moderate home price gains in Sydney and Melbourne in particular.
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