The Sydney property market continues to defy the colder weather. The auction clearance rate for the NSW capital was 81.4% on the weekend, another annual high, as 240 properties went under the hammer (see table 1 below)
Across the country, the weighted average clearance rate for the seven capital cities minus Darwin was 65.4%, a slight drop from the 67.7% the previous week (see graph 1 below). That compares to a level of just 52.1% 12 months ago. The total number of properties auctioned on the weekend across the country rose to 1131 from 984.
The revised numbers for a week ago show a still very strong 75.9% for Sydney and 69% for Melbourne, and over 220 properties were auctioned for sale in each city (see table 2 below).
The same weekend 12 months ago reveals the beginning of the uptick in Sydney property activity, as auction clearance rates reached 60% and over 200 properties were sold at auction. Median prices for houses and also units have risen over the past 12 months in both Sydney and Melbourne (see table 3 below) reflective of the increase in demand.
You can read Charlie Aitken’s overview of the property market here.
Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.
Also in the Switzer Super Report:
- Greg Fraser: Stocks in focus – Telstra
- Peter Switzer: Stick to stocks
- Penny Pryor: Power shift in SMSFs
- Paul Rickard: FBT on cars – what the change really mean
- James Dunn: Avoiding the traps in the stock market billabong
- Rudi Filapek-Vandyck: Buy, Sell, Hold – what the brokers say
