Spring break for property

Print This Post A A A

The national clearance rate has shown a rising trend over the past four weeks, and if it continues, we should experience clearance rates at the 70% mark just in time for spring, according to RP Data spokesperson Robert Larocca.

For the week ending 13 July, the preliminary weighted clearance rate across capital cities was 68.7%, compared with 68.9% last week, and 67.7% this time last year.

Weekly clearance rate, combined capital cities

In Sydney this week, the preliminary clearance rate came in at 76.4%, which is a solid increase from last week’s rate of 72.4%. In Melbourne, the preliminary clearance rate was slightly down on last week’s 71.4%, coming in at 67%.

Capital city auction statistics (preliminary)

The median price for houses in Sydney sat at $665,000, after more than 2,000 sales were made, while Melbourne’s median house price was $485,000 after over 1,800 sales. RP Data recorded home value statistics for over 6,500 house sales across the combined capital cities and on average, it would cost an individual over $530,000 dollars to make a purchase.

Capital city private treaty median prices

RP Data’s Cameron Kusher reported that over the 12 months to April this year, property sales between $400,000 and $600,000 accounted for the greatest number of sales of houses and units, at 34.5%.

The average time on market for houses in Sydney was 30 days, and was just 28 days for units. Melbourne’s houses were sold in 41 days on average, while units were sold in 47 days.

Capital city average time on market and vendor discounting results

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