Auction clearance rates in Sydney and Melbourne rose for the third consecutive weekend, as Sydney recorded a rate of 73% and Melbourne a rate of 71.7%.
The total value sold at auction on the weekend was $188 million across Brisbane, Sydney, Melbourne and Adelaide. That compared to an initial result last week of $182.1 million. (Results are updated during the week for the total in the table below).
[1]The most expensive property was in Sydney, but at $2.13 million for a four-bedroom house in Paddington, was down on the $2.96 million recorded for a three-bedroom house in Double Bay last week.
[2]
[3]
Indicators point upwards
The Westpac-Melbourne Institute Index of Consumer Sentiment data released last week showed a slight stumble in consumer sentiment for the month of April. That included a drop in the component ‘Time to buy a dwelling’ over the month but that indicator increased by 6.5% over the year.
[4]Also out last week was the Westpac-Melbourne Institute Index for Consumer House Price Expectations, which reveals most Australians expect prices to rise over the next 12 months.
That index rose to its highest level since July 2010 and over 62% of respondents expect house prices to be higher in a year’s time. Westpac reports that this is the first time more than half of respondents have been so upbeat since April 2011.
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Also in the Switzer Super Report
- Peter Switzer: Hi ho silver lining [5]
- Jason Huljich: Commercial property continues to provide upside potential [6]
- Alistair Bailey: Art for money’s sake – Australian outlook [7]
- Tony Negline: Get the borrowing structure right the first time [8]
- Rudi Filapek-Vandyck: Weekly broker wrap – BHP and Newscorp upgraded [9]