Market Update - Nov-Dec - Articles - OpenAgent

Market Update – Nov-Dec

Recent housing market trends show the real estate market is already moving towards a boom, with improvements in all indices

  • Significant price growth in capital cities
  • Median Sale Price has increased in all throughout the country
  • Significant decreases in the auction clearance rate
  • Houses are selling closer to their original listing

 Home values in capital cities have increased on average by 7.8% over the past year 

  • Growth has been led by a boom in the major capital cities particularly Sydney; who displayed an impressive 11.8% growth this year.
  • Melbourne and Perth help to keep the National Average strong at 7.8%
  • Brisbane, Perth and Canberra increasing better or around inflation
Median house prices have increased throughout the nation
  • Very strong price growth in Sydney: $100,000 increase in the median house price over the past 6 months
  • Melbourne, Perth and Canberra were all strong performing over the 6 month period between February and November
  • Brisbane, Tasmania and Adelaide have been slower to move
 
Auction clearance rates have improved in almost all capital cities
  • Solid increase in auction clearance rates led by Sydney with an impressive 10.1% increase since February of this year; settling at 7.8% clearance rate
  • Significant change in Canberra
  • The rest of the nation exhibited little to no change, with Brisbane even dropping 3% from February
 
Time on the market has reduced significantly in all capital cities
  • Houses are selling unprecedentedly quickly across the country
  • Again led by Sydney who has more then halved its February average of the number of days on the market
 
Houses selling closer to list price than in February 
  • Solid reductions in the vendor discount rate further indicate a strong housing market
  • Brisbane and Melbourne although only hesitantly displayed growth in the clearance rate; houses in this areas are still selling for significantly more.
  • Sydney and Hobart are the standout performers
 
Activity in the Mortgage market for for the month of November 
  • South Australia with a significant increase of 13.8%; from the previous month
  • Not surprisingly Sydney was second with 10.4% change
  • Stand out here is Victoria with only a 1.4% change

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