Property Market Update – 2 May 2016

Property Prices

Sydney’s property price continues to strengthen surpassing Melbourne’s over the last 3 months at 3.88%. Though Melbourne’s price movement has steadied at 0.42% over the last 3 months, it continues to lead growth for the last 12 months at 10.26%. The rest of the remaining capital cities has shown conservative growth as well with the exception of Perth down 2.14% over the last year.

Trends by city

Percentage by city

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

 

Auction Clearance Rates

Melbourne had the busiest auction weekend with 1,408 properties and cleared 74.2% based on preliminary results. Followed closely by Sydney at 74.1%, a small drop from its 77.4% auction result last week, which was its highest calendar year to date.

Market Commentator Insight

  • Melbourne’s Auction Market Hits A Record Breaking High (2 May 2016,  Andrew Wilson,  Property Update). Click here to read more.

Takeout:  The Melbourne market recorded yet another sturdy auction result for sellers despite hosting a record April day for auction activity.

  • Fernhill at Mulgoa boomerangs back onto market (2 May 2016, Jonathan Chancellor, Property Observer). Click here to read more.

Takeout:   The trophy estate, Fernhill at Mulgoa has returned to the market.

  • Bullish housing data from CoreLogic RP Data a ‘big surprise  (2 May 2016, Jennifer Duke, Domain). Click here to read more.

Takeout:  Property experts have been surprised by new data released on Monday that paints a much rosier picture of Australia’s housing markets than expected.

  • Sydney auction market on the rise after holiday lull (2 May 2016, Dr Andrew Wilson, Domain ) Click here to read more.

Takeout: A clearly strengthening home auction market in Sydney at the weekend has set the tone for a positive late autumn performance.

  • RBA needs ammo for AAA strip (2 May 2016,  David Llewyn-Smith,  Macro Business). Click here to read more.

Takeout: Saul Eslake, one of the nation’s most respected economists, said he saw no compelling need for a budget day interest rate cut after this week’s shock inflation data.

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