This week, the preliminary auction clearance rate across capital cities was 65.4%, a fraction higher than last week’s rate of 65%. At the same time last year, the clearance rate was recorded at 67.3%. These lower clearance rates are starting to build the case for if not a cooling, definitely a stabilisation, in the property market.
Weekly clearance rate, combined capital cities
The numbers may be slightly lower but the market remained relatively stable, despite the concern the Federal Budget might have spooked away buyers. The number of auctions also jumped from 1,514 to 2,177.
The Sydney market performed weaker than last week’s 73.3% however, with the preliminary clearance rate coming in at 70.9%. Melbourne had a preliminary clearance rate of 64.5%, higher than last week’s rate of 61.9%.
Capital city auction statistics (preliminary)
Home values in Sydney dropped by 0.4% over the week, while Melbourne’s were down by 1.55. The annual change in the combined five capitals is 10.8%, slightly lower than the 11.1% recorded the previous week and adds more fuel to the argument that the property market may have plateaued.
Capital city home value changes
Sydney’s median dwelling price was $690,000 this week after 1,491 sales, while Melbourne’s was $485,000 after 1,376 sales.
Capital city private treaty median prices
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