Newly reported sales soar 33.6% across Australia
Newly reported sales across the nation are now 33.6 per cent higher than recorded over the same period in 2020, according to new data.
Home sales are surging and are predicted to grow, according to Dr Andrew Wilson, the chief economist at Archistar.
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“Home buying activity has surged over the past week with the clear prospect of strong market conditions continuing into the autumn selling season – and beyond,” said Dr Wilson.
The latest data from My Housing Market revealed that the number of national newly reported homes sales over the week ending 7 February surged by 17.2 per cent compared with the previous week’s total.
Most capitals recorded increases, with Sydney leading the bunch with growth of 46.9 per cent, followed by Melbourne at 32.7 per cent, Brisbane at 19.5 per cent and Adelaide at 0.5 per cent.
Meanwhile, national newly reported sales over 2021 soared 33.6 per cent on the year, with Sydney once again at the top of the ladder with growth of 46.9 per cent, followed by Melbourne 32.7 per cent, Brisbane 19.5 per cent and Adelaide up 0.5 per cent.
Newly reported home sales for Perth, however, fell by 12.6 per cent over the week, clearly reflecting the impact of the recent coronavirus lockdown.
“The prospect of sharp increases in home sales activity over coming weeks will continue to place upward pressure on house prices reflecting strong ongoing competition among buyers for available properties,” Dr Wilson said.
According to the latest CoreLogic Property Market Indicator Summary, 1,287 homes were taken to auction across the combined capital cities last week, which resulted in a preliminary auction clearance rate of 83.8 per cent.
This means that over four in five homes, countrywide, sold last week, after the Reserve Bank reaffirmed the record-low 0.1 per cent interest rate and hinted that it could stick around until at least 2024.
