Solid auction results continued into May, with a combined capital city clearance rate of 79% – the third highest result on record. That compares to 82.3% last week, when just 604 auctions were held nationwide.
Weekly clearance rate, combined capital cities
[1]Auction numbers skyrocketed to 2,419 this week, compared to the 2,053 homes taken to auction at the same time last year.
Robust Sydney results continued, with a clearance rate of 87.3%, compared to 89.7% last week and 71.4% this time last year. This week’s result marks the thirteenth consecutive week of clearance rates over 80%.
Capital city auction statistics (preliminary)
[2]Melbourne also continues as one of the nation’s top performing property markets, with a clearance rate of 81.3%, compared to 86.6% last week when just 183 homes were taken to auction. Core Logic RP Data notes that one year ago, Melbourne’s clearance rate was nearly 20 percentage points lower at 61.9%, and is illustrated by the graph below.
Weekly clearance rate, Melbourne
[3]Home values in Sydney, increased 6.9% year-to-date, and 14.0% annually. Across the combined five capitals of Sydney, Melbourne, Brisbane, Adelaide and Perth, home values have increased by 3.6% year-to-date and 7.6% annually.
Capital city home value changes
[4]How to use super to buy property
If you’re like many Aussies who are interested in using their super to invest in bricks and mortar, you need to ensure that you follow some important rules before you take the plunge.
Greville Pabst, CEO and co-founder of WBP Property Group, told Switzer Home Loans [5] that there are lending constrictions on the minimum size requirements of properties purchased with an SMSF. That minimum is 50m2, but depends on the size of the deposit and LVR (loan to value ratio).
Pabst also reminds investors that SMSF properties must be ‘a single acquirable asset’.
“This means both the dwelling and car park must be of the same title, or the plan of subdivision must stipulate that the title is restricted. This is to prevent the separate sale of one or the other.”
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.