In the latest Housing Market Summary from ANZ Research all signs are pointing to steady home price growth in the coming months.
- Home prices continued to edge higher in the past week, with all capital cities except Melbourne and Adelaide posting positive price growth in seasonally adjusted terms.
However in trend terms, price growth has clearly eased from the strong momentum in the first half of 2014 (see Figure 1).
Home price gains in Sydney and Melbourne have maintained the strongest growth in recent weeks, despite Melbourne prices showing the most volatility.Looking through the weekly volatility, with the exception of Adelaide, 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.
- The depth of home buyer demand is holding up well on solid spring auction levels, with auction clearance rates reflecting buoyant home buyer sentiment.
Despite some concerns about speculative sales activity, auction sales and price data in recent weeks reflect a housing market supported by strong underlying demand and moderate price growth expectations.
Looking ahead, auction clearance rates have stabilised around 68%, pointing to steady home price growth in the coming months.
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