This week, the preliminary national auction clearance rate was 69.7%, up from last week’s rate of 67.9%. At the same time last year, the clearance rate was 69.3%.
Weekly clearance rate, combined capital cities
Sydney’s preliminary clearance rate was 77.6%, compared to 75.4% last week, while Melbourne’s clearance rate was 70.9%, compared to 68.5% the previous week.
Capital city auction statistics (preliminary)
The median Sydney price for houses sold at private treaty was $650,000, after 2,163 sales were made, while the average unit price was $540,000 following 1,408 sales.
That compared to a median house price of $470,000 in Melbourne on 1,784 sales and a median unit price of $420,750 from 842 sales.
Capital city private treaty median prices
Across the five combined capital cities of Sydney, Melbourne, Brisbane, Adelaide and Perth, the average weekly change for home values was -0.1%, while the annual change was 10.2%.
Over the year, house prices in Sydney have risen by an annual rate of 14.6%, and in Melbourne, by an annual rate of 10.8%.
Capital city home value changes
RP Data Rismark July home value indices results were also announced last week. The aggregate capital gain for the year to date across the combined capital cities was 5.0%.
RP Data research director, Tim Lawless, says that despite recent data showing a rise in capital gains, the growth trend has tapered from the peak conditions experienced last year.
Lawless says that over the past six months, growth in mortgage demand has also eased, and this suggests that buyer demand may be dampened by affordability issues, as well as low rental yields experienced in the capital cities.
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.
Follow the Switzer Super Report [1] on Twitter
Also in the Switzer Super Report:
- Peter Switzer: How to deal with the Dirty Harry problem [2]
- Paul Rickard: Market on a high – portfolios up in July [3]
- Rudi Filapek-Vandyck: Buy, Sell, Hold – what the brokers say [4]
- James Dunn: Earning season preview, Rio, News, and Cochlear [5]
- Penny Pryor: Shortlisted – resources and Resmed [6]