After the previous week’s record high auction clearance rates, last week’s auction data was a little softer, which is probably a good thing, given the ongoing talk about the potential for a price bubble in property.
The average weekly clearance rate of the combined capital cities dropped to 72.8% from 76.2%, with 2,680 auctions recorded compared to the 2,905 the previous week.
Weekly clearance rate, combined capital cities
Source: RP Data
Sydney continues to lead the pack but its auction clearance rate dropped under 80% to 77.9%. Melbourne’s clearance rate was 73.9% last week. Adelaide had the next highest clearance rate of 75%.
Capital city auction clearance rates (preliminary)
Source: RP Data
Home values rose over the week in four of the five capital cities that RP Data monitors, with Melbourne jumping by the biggest amount in a week of 0.8%. Sydney’s prices rose by 0.4%, bringing its total year to date increase to 1.8% and behind Melbourne’s 3.2% growth in year to date prices. Brisbane prices continued to fall – by 0.3% over the week and 1.1% over the month.
The average annual growth in the combined five capitals of Sydney, Melbourne, Brisbane, Adelaide and Perth is now sitting at just under 10%.
Capital city auction clearance statistics (preliminary)
Source: RP Data
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