Over the past financial year, home values in Australia have risen by 10.1%, the highest annual increase since the 2009/2010 financial year when they rose 12.3%.
In the month of June, values were up by 1.4%, according to RP Data.
Over the weekend, RP Data recorded a preliminary auction clearance rate across the capital cities of 69.4%, compared to 66.6% last week. At the same time last year, the clearance rate was 65.1%.
Weekly clearance rate (combined capital cities)
In Sydney, the preliminary clearance rate was 74.6%, up from last week’s 71.1%. In Melbourne, the preliminary clearance rate was 68.4%, almost identical to last week’s 68.3%.
Capital city auction statistics (preliminary)
RP Data recorded over 2,000 private treaty house sales in both Melbourne and Sydney. The median price of a Sydney house stood at $685,000, whereas the median price of a house in Melbourne was considerably less, at $495,000.
Capital city private treaty median prices
The average time on market for a Sydney house was just 29 days, compared with 40 days for a Melbourne house.
Capital city average time on market and vendor discounting results
Home price guide data released this week by APM also revealed that in Sydney, 66% of suburbs in Sydney have a median price value in excess of $1 million dollars.
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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