Property continues to rise

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Auction activity continued at a fast clip the past week, with 2,289 auctions at capital cities across the country. That put the weighted average clearance rate at 72.4% for the nation, compared to 70.2% the previous week, which was softer due to it being a long weekend in Victoria. This time last year, the weighted average auction clearance rate was 64.4%

Sydney recorded a clearance rate in excess of 80% for the third time this year, with 82.7% for the past week. Melbourne’s auction clearance rate was 67.9%, up slightly from the 67.3% the previous week but the number of auctions rose significantly to 1,092 from 329.

Sydney, Melbourne, Brisbane and Adelaide all experienced increases in home values over the week, with Perth steady. The combined five capitals average home value change was an increase of 0.6% over the week, 3.1% for the year to data and 10.3% for the past 12 months. Sydney has the greatest annual change at 14.2% but Melbourne has experienced the biggest calendar year to date increase of 5.9%.

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