Weather still cold but property still hot

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This week, the preliminary auction clearance rate across the capital cities cooled a little to 67.3% following the three-month high of 70.7% last week.

Weekly clearance rate, combined capital cities

Sydney was the standout performer, with a clearance rate of 75.9%. That compared to last week’s rate of 76.9%. Melbourne recorded 66.1%, down from last week’s 69.6%.

Capital city auction statistics (preliminary)

RP Data’s Robert Larocca says Sydney is experiencing strong auction results on a consistent basis. Larocca also says the variable national clearance rate is likely off the back of the Melbourne auction market. Even though Melbourne’s clearance rates vary week to week, results are still stronger than a year ago and the variable results are not affecting how many homes are offered at auction.

The median house price across the combined capital cities was $525,000 after 6,964 houses were sold at private treaty. The median unit price came in at over $460,000, after 2,958 units were sold.

Capital city private treaty median prices

Australian Property Monitors calculated that Sydney price growth had increased by 3.1% during the June quarter, raising Sydney house prices to a new median record of $811, 837. House prices in Melbourne were up by 1.7% in the June quarter.

RP Data calculated the average time on market for houses in Sydney at 31 days and just 28 days for units. In Melbourne, houses remained on the market for around 44 days, while units remained on the market for longer at 52 days.

Capital city average time on market and vendor discounting results

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.

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