Property players snap up stock

Print This Post A A A

This week, the auction clearance rate was 72% across the combined capital cities, compared to 70.8% last week and 73.5% this time last year.

Housing market specialist at RP Data, Robert Larocca, said this is the fifth consecutive week where national clearance rates have been above 70%.

Weekly clearance rate, combined capital cities

Sydney’s clearance rate was 78.5%, just creeping above last week’s rate of 78% and the second week in a row when rates have been above the year to date trend of 75.2%.

Melbourne’s clearance rate matched Sydney’s this week at 78.5%, compared to 72.1% last week. However, property volumes were also quite low (104 compared to Sydney’s 927), as grand-final weekend served as a great distraction to potential Melbournian sellers.

Capital city auction statistics (preliminary)

Australian Property Monitors (APM) said the inner west produced the highest clearance rate of all Sydney suburban regions at the weekend, followed by the upper north shore, the city and the east.

Prestige auction sales were also on the boil, with a reported 26 sales going under the hammer for over $2 million. The most expensive property reported sold at auction was a three-bedroom unit in Darlinghurst, which went for $5.7 million.

Melbourne’s auction hot spot at the weekend was the outer east. The most expensive property reported sold at the weekend was a 10-bedroom home in Glen Waverley, which went for $1.6 million.

APM senior economist, Andrew Wilson, said that underlying demand for housing in Melbourne has continued to rise strongly as the population grows. The Victorian population rose by 1.9% over the 12 months to March, the fastest growth of all the states, bar Western Australia.

Last week, chief executive officer of McGraths Estate Agents, John McGrath, said investors should keep their eyes on the next Australian capital city to boom – Brisbane.

His top suburban picks in Brisbane include Indooroopilly, Carindale, and Hendra.

And chief executive officer at WBP Property Group, Greville Pabst, made it clear that he’s not too worried about where national property prices are headed.

“While growth is currently positive, it’s also stable and not exorbitant to a point necessitating a correction in a year’s time – a calming notion for the more discerning buyer,” he said.

Capital city private treaty median prices

The median price house price across the combined capital cities was $537,792 after almost 7,000 sales were made.

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