Spring looks set to deliver a strong property market, after the auction clearance rate across the capital cities ended higher at 74.4%, after last week’s 72.9%.
Weekly clearance rate, combined capital cities
Sydney was the best performer at the weekend, with a clearance rate of 82.4%, compared to 79.9% last week. RP Data housing market specialist, Robert Larocca, says these results are an indication of the high levels of competition and confidence from buyers. He also anticipated that the market would be positively impacted by the RBA’s decision to keep interest rates at low levels for the thirteenth consecutive month.
Higher confidence levels from both buyers and sellers are also being observed in Melbourne’s auction arena, and Larocca feels this Spring season is shaping up to be better than last year, with more homes being listed and sold. This week, Melbourne’s clearance rate was 75.1%, compared to 73.5% last week.
Capital city auction statistics (preliminary)
RP Data also recorded the home value changes across the combined capital cities of Sydney, Melbourne, Brisbane, Adelaide and Perth, and prices came in lower than last week by 0.3%. However, the year to date price change across the combined five capitals remains 5.9% higher.
Capital city home value changes
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