Spring has sprung on property

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On the eve of spring, RP Data recorded a preliminary clearance rate of 72.2% across the capital cities. This compares to 69.5% last week, and 71.5% this time last year.

Weekly clearance rate, combined capital cities

RP Data Housing Market Specialist, Robert Larocca, said that data from the last four weeks has shown we will head into spring with the most robust market performance since 2010 – with more homes being sold at auction, and price hikes in most capital cities.

Sydney should also continue to deliver solid results throughout spring if its recent performance has been any indicator, with an impressive 81.1% clearance rate this week, compared to 76.1% last week.

Capital city auction statistics (preliminary)

Melbourne’s clearance rate was recorded at 71% this week, compared to 70.7% last week. Larocca said that this is the most vibrant auction market Melbourne has seen since the middle of February, with three consecutive weeks of clearance rates over 70%.

Sydney’s median house price was $676,500 this week, and in Melbourne, the median house price was $470,000.

Capital city private treaty median prices

The best areas

According to Andrew Wilson, senior economist for the Domain Group, Sydney’s standout suburbs over the weekend were the northern beaches, Canterbury Bankstown, the upper north shore, and the south west. These suburbs had the most properties sold at auction and each had clearance rates over 85%.

Wilson said the most expensive property sold at auction at the weekend was a four-bedroom home in Bronte, which went for $3.3 million. The most affordable property was a two-bedroom home at Gorokan, which sold for $240,000.

In Melbourne, the best performing suburban regions were the outer east, closely followed by the south east, the north east, and the inner east. Each had clearance rates of over 82%.

The most expensive property sold at auction in Melbourne at the weekend was a five-bedroom home in Balwyn, which sold for $3.2 million. The most affordable was a two-bedroom unit in Footscray, which sold for $260,000.

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.

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