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:
- While auction sales eased in the past week, the coming weeks will provide a better read of housing market sentiment. Cleared auctions were lower in all capital cities in the past week.
In contrast, Sydney maintained an elevated auction clearance rate on a lower number of auctions in the week while Melbourne’s auction clearance rate eased below 65% for the first time in 11 weeks.
- Home prices continued to edge higher in the past week, with price growth increasing to 12.9% in monthly annualised trend terms.
Trend price growth remained strongest in Melbourne (+1.7% m/m), followed by more moderate gains in Sydney (1.1% m/m) and Adelaide (+0.4% m/m).
In contrast, home prices remained broadly unchanged in Brisbane and Perth.
- Reflecting steady consumer confidence in recent weeks, elevated auction sales in Sydney and Melbourne in particular foreshadow strong sales demand and further housing price gains in the remaining months of 2014.
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