Despite the temperatures starting to drop around Australia, the property markets are still hot. Our latest quarterly market update shows that conditions have strengthened since the start of the year in most capital cities.
- †Continued price growth and faster sales in capital cities overall
- †Significant decreases in the auction clearance rate
- †Houses are selling closer to their original listing price
Home values in capital cities have increased on average by 2.8% this quarter change.
- Sydney outperformed the national average with 4.8% growth this quarter
- Brisbane, Melbourne and Adelaide have risen faster than inflation
- Only Perth had unfavourable conditions with a 1.3% drop
†Sydney's median price has jumped by $70,000 in the last quarter
- Sydney median price a full $70,000 better than January of this year
- The median price for the rest of the nation is more stable
Properties are selling even faster in May than January
- Reductions in the average days on market almost uniformly, with all but Tasmania experiencing a significant drop
- The reductions were led by Sydney and Melbourne with houses spending 18 and 16 less days on the market respectively
Houses are selling closer to their list price now than January
- Solid reductions in the vendor discount again;† this metric has decreased significantly since October last year
- Surprisingly vendor discount in Sydney has increased, while the median price is still high.† Sydney is coming off such a hot market so it is difficult to read to much into this
- Canberra is the standout performer this quarter
Drop in the Mortgage market for the month of May.
- Tasmania has a surprisingly large month on month change with a drop -24.7% in market activity
- South Australia was a distance second with a -12.3% change
- The national average change for the month was -10.7%