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Capital house prices nearing new record
House prices in Australia’s two largest cities are surging and are now on track to hit a new record by March 2020, new research has revealed.
Capital house prices nearing new record
House prices in Australia’s two largest cities are surging and are now on track to hit a new record by March 2020, new research has revealed.
CoreLogic’s home value index showed a nudge back into positive annual growth territory for the first time since April 2018, with dwelling values 0.1 per cent higher over the past 12 months.
Property prices in Sydney grew by 2.7 per cent in November, the highest monthly growth in three decades, while Melbourne property values grew by 2.2 per cent over the same period, CoreLogic found.
According to Tim Lawless, CoreLogic research head, “The synergy of a 75 basis point rate cut from the Reserve Bank, a loosening in loan serviceability policy from APRA, and the removal of uncertainty around taxation reform following the federal election outcome, are central to this recovery.”
The property research group highlighted lower stocks and a sense of urgency amongst buyers is helping drive strong growth amongst the capitals.
Melbourne was host to 1,497 auctions this week with preliminary results showing a clearance rate of 78.3 per cent, increasing from last week when the final clearance rate fell to 70.1 per cent across 1,221 auctions.
Over the same week last year, the auction clearance rate was significantly lower, with 42.7 per cent of the 1,378 auctions returning a successful result.
There were 1,131 auctions held in Sydney this week, making it the busiest week of the year for the city, with preliminary results showing an 84.7 per cent clearance rate, up from 76 per cent across 940 auctions last week.
Over the same week last year, 937 Sydney homes were taken to auction across the city, returning a clearance rate of 41.6 per cent.
Results were mixed across the smaller auction markets, with Adelaide and Canberra showing a preliminary clearance rate above 70 per cent, while only around half of the homes taken to auction in Brisbane and Perth were successful.
The latest results provide a timely test of the housing markets depth, with clearance rates holding up despite the large number of properties taken to market, CoreLogic said.
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