Property market continues at speed

Print This Post A A A

The auction market gained some speed last week as buyers and sellers from capital cities across the nation continued to settle into 2014. There was a total of 966 auctions held last week, with an average national clearance rate of 69.8%. This is a significant increase from this time last year, when auction volumes and clearance rates sat starkly lower at 667 and 55.4% respectively.

Source: RP Data

Sydney led the pack, with a huge clearance rate of 81.2% across 358 auctions. This is up from 121 auctions (clearance rate 75.0%) the previous week.

Melbourne, likewise, experienced significant auction volume increases, with 334 auctions, compared to 104 in the previous week. However, clearance rates were lower at 68.8%, compared to 74.7% the previous week.

Perth upped its numbers to 43 auctions, and a 52.4% clearance rate, after a quiet first week of February. Tasmania lagged behind with a clearance rate of 30.8% across 14 auctions.

Source: RP Data

Meanwhile, home values stayed flat over the week on average. All capital city home values decreased slightly over the week, except for in Sydney where values increased fractionally by 0.5%. The annual change remains high, with a 10.3% increase during the 12 months until 9 February 2014.

Source: RP Data

The general increase in auction volumes and clearance rates this week gives credence to earlier comments from RP Data predicting strong figures for 2014.

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 on Twitter.

Also in the Switzer Super Report:

Also from this edition

View More Articles