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:
The Sydney auction market strengthened last week. Auction listings rose in Sydney to the highest level since early June and clearance rates increased to a strong 78.5%.
- Melbourne saw low auction listings as the AFL Grand Final deterred sellers. There were just 104 auctions (compared to 1,221 the previous week) and Adelaide and Perth also saw a sizable reduction in the number of auctions.
- Home price gains were mixed in the past week. In seasonally adjusted terms, prices in Perth, Sydney and Melbourne all rose while prices in both Brisbane and Adelaide declined modestly.
Looking through the volatility, prices are increasing in trend terms in Sydney and Adelaide while prices are flat in Perth and easing very modestly in Brisbane and Melbourne.
- Looking ahead, steady consumer confidence in recent weeks and elevated auction clearance rates foreshadow short-term support for sales demand and further (albeit more moderate) home price gains in Sydney and Melbourne in particular.
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