Property Market Definitely Slowing
The football season is over, daylight savings has started and warmer weather is upon us. This is traditionally when the Residential Property Market peaks but so far the spring selling season, at least compared to last year, is looking fairly meek.
Australia’s capitals last week recorded a preliminary national auction clearance rate of 68.1%. Last week the preliminary rate was 69.4% with the revised final rate coming in at 66.3%.
Clearance rates Sydney have now been below 70% for 11 consecutive weeks and Melbourne’s preliminary auction clearance rate was recorded at 72.1% this week, down from the recent high of 87.0% last week and lower than the 78.4% recorded during the same week last year.
Source: CoreLogic
Prices across the nation’s capitals rose by 0.7% for the September Quarter, a figure well below the recent peak of 3.5% seen in late 2016.
This change is heavily influenced by the Sydney market which contributed significantly to the recent growth yet actually declined in September and was only up 0.2% for the quarter. Melbourne continued to perform strongly but the 2.0% growth for the quarter is slower growth than recent years.
With clearance rates slowing in Melbourne, it’s likely that price growth will slow further in the months ahead.
Source: CoreLogic
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The information contained in this article is General in nature and has been prepared without taking into account your objectives, financial situation and needs. When assessing any investment, you should first consider that past performance is not a reliable indicator of future performance.