Property Market Update – 16 May 2016

Property Prices

Sydney’s properties reach new peak price today at 985.3. Melbourne’s price growth at 2.34% for the last three months. The rest of the remaining capital cities has shown conservative growth with Adelaide leading at 4.98%.

Trends by city

Percentage by city

RP Data. Understand the limitations to the quality and timeliness of Australian real estate data.

 

Auction Clearance Rates

Overall auction clearance across capital cities rose to 68.9% based on preliminary results driven by Sydney’s high results. Sydney’s changing auction market stays above 70% clearance surpassing Melbourne’s results for three consecutive weeks.

Market Commentator Insight

  • Melbourne’s auction result bounces back in a small victory (16 May 2016,  Andrew Wilson,  Property Update). Click here to read more.

Takeout:  Melbourne’s auction clearance rate steadied on the weekend following recent falls, with cuts to mortgage rates yet to significantly impact market activity.

  • Combined capital city clearance rates dip (16 May 2016, Property Observer). Click here to read more.

Takeout:   Some 1,824 capital city auctions held across Australia for the week ending 15 May with a combined preliminary clearance of 68.9 percent.

  • Melbourne auction market remains steady as first home buyers rise  (16 May 2016, Dr Andrew Wilson, Domain). Click here to read more.

Takeout:  Melbourne’s home auction clearance rate steadied on the weekend following recent falls with cuts to mortgage rates yet to hit market activity..

  • The weekend saw Sydney’s auction market back with a vengeance (16 May 2016, Andrew Wilson, Property Update) Click here to read more.

Takeout: The Sydney market reported a remarkable auction result at the weekend, with new data confirming investors are re-entering the market ahead of possible changes to negative gearing.

  • Auction clearances firm (16 May 2016,  David Llewyn-Smith,  Macro Business). Click here to read more.

Takeout: The preliminary national auction clearance rate was 68.9% this week, up from the 67.5% clearance rate recorded last weekend.

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