Property – what the market did

Editorial director of Switzer
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Auctions continued with gusto on the weekend, but as the table below of capital city auction statistics shows (graph 1), the activity is still concentrated in the two major East Coast capitals. In total, there were 3,507 auctions held over the week in capital city markets, up from 3,213 the previous week, according to RP Data. The preliminary combined capital city auction clearance rate increased from 64.5% to 67.2%.

Graph 1: Weekly clearance rate, combined capital cities

Source: RP Data

Adelaide is recording the next most robust auction clearance rate at 67.4% but it, like the rest of the capital cities, has relatively low auction activity (see table 1 below).

Table 1: Capital city auction statistics

Source: RP Data

Auction activity is one indication of property activity, but it’s not the only one, and it’s important to remember that 85% of dwelling sales across the country are through private treaty sales. The table below (table 2) highlights the number of properties that are sold via private treaty over the most recent four week period and records robust numbers for Brisbane, Perth and Adelaide that are not apparent in the auction clearance statistics.

Table 2: Capital city private treaty median prices

Source: RP Data

Last week, prices in Sydney went back slightly by 0.3% but over the month they are still up and are recording year-to-date value increases of over 14%, The next closest city – Melbourne – is only rising at half that rate (see table 3 below).

Table 3: Capital city home value changes

Source: RP Data

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.

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