IMF sounds alarm on Australia’s rising house prices
The International Monetary Fund (IMF) is calling on Australian regulators to rein in the housing boom, citing risks to t...
New data from the weekend confirms the cooling of one capital city's auction market, with another continuing to grow to new heights.
Sydney has now posted its fifth consecutive clearance rate below 80 per cent after an earlier run of 12 straight weekends above that mark.
The city had a clearance rate of 76.4 per cent last weekend, compared to 79 per cent on the same weekend the year before, according to APM PriceFinder.
Sales jumped 35 per cent to 447, with the median price for house sales up 14.3 per cent to $1.3 million and the median price for unit sales up 21.4 per cent to $823,000.
Melbourne’s clearance rate reached 76 per cent, compared to 70.2 per cent the year before.
Sales climbed 20.8 per cent to 512, with the median house price rising 13.5 per cent to $892,000 and the median unit price rising 13.3 per cent to $550,000.
Brisbane posted a clearance rate of 43.5 per cent, with the 27 sales achieving a median price of $716,000, while Adelaide posted a clearance rate of 71.4 per cent, with the 20 sales achieving a median price of $560,000.
Across Australia, the clearance rate increased from 71.4 per cent last year to 74.6 per cent.
Sales grew 24.2 per cent to 1,031, with house prices up 14.9 per cent to $981,000 and unit prices up 9.2 per cent to $685,000.
The Agency Property Group secured Adelaide’s highest auction price, with a four-bedroom Henley Beach South house that sold for $910,000.