Market Update June

June Market Update

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%

What does this mean for my property?

The property market in Australia does not seem to be showing signs of letting up just yet.  From the markets return to peak late last year,  the major indicators have shown continued improvement in 2014.  So is now a good time to sell in your suburb? If you are thinking about selling request a free property report here to find out your local market conditions.

If you have any further questions or concerns, please don't feel free to contact us.

Joanne Groombridge
Open Agent Customer

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