This week, buyers continued to take advantage of historically low interest rates – with the preliminary clearance rate across the combined capital cities coming in at 70.7%.
Weekly clearance rate, combined capital cities
The Sydney market continues to produce good mid-winter results, with a preliminary clearance rate of 76.9% compared to 76.4% the previous week. Sydney has now experienced its sixth consecutive week of rising clearance rates. According to Australian Property Monitors (APM), the northern beaches were the standout performer, followed by the inner west.
Capital city auction statistics (preliminary)
Melbourne’s clearance rate was 69.6%, compared to 67.0% last week, on RP Data’s measure. APM says that Melbourne’s inner city suburban region, followed by the north, produced the best results at the weekend.
According to RP Data, the median price for a house in Sydney stands at $635,000, which is significantly more expensive than the median price of a house in Melbourne at $475,000.
Capital city private treaty median prices
Sydney houses took an average of 30 days to sell, while units took slightly less time to sell, at 28 days. Melbourne homes stayed on the market for around 43 days, and their units for an average of 50 days. Despite the higher values of Sydney properties, APM says that Melbourne has experienced price increases of nearly 30% in the past 15 months, which makes it the standout performer of the major cities in terms of price growth.
Capital city average time on market 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:
- Peter Switzer: Could this plane crash, crash stock prices?
- Paul Rickard: Avoiding super death taxes – the withdrawal and re-contribution strategy
- James Dunn: Companies to buy based on Gen Y
- Rudi Filapeck-Vandyck: Buy, Sell, Hold – what the brokers say
- Penny Pryor: Shortlisted – JB Hi-Fi and iiNet
- Barrie Dunstan: Big changes for SMSF balances