Australia’s property market is showing signs of positive life despite continued downward trends in dwelling prices.
Overall, the continued rising of interest rates will keep the market predictable for the time being, as the Australian Federal Reserve continues to combat rising inflation. This has directly reflected in last month’s dwelling price decrease of -1.4 per cent and -2.2 per cent over the last 12 months.
Clearance Rates
Data reported below is according to Australian property market auction results recorded by Domain.com.au.
Sydney
Auction rates are accurate of 22, October 2022. Sydney saw a 62 per cent clearance rate at the weekend, down from 74 per cent this time last year. Auctions scheduled reached 555, with 362 results officially reported.
Melbourne
Auction rates are accurate of 22, October 2022. Melbourne saw a 64 per cent clearance rate at the weekend, down from 75 per cent this time last year. Auctions scheduled reached a month-high 1050, with 825 results officially reported.
Brisbane
Auction rates are accurate of 22, October 2022. Brisbane saw a 56 per cent clearance rate at the weekend, down from 69 per cent this time last year. Auctions scheduled reached 89, with 32 results officially reported.
Property Prices
Australian Property Market data recorded below is according to property market expert, Michael Yardney. Reported prices all saw declining results, adding to the continued drop overall in the last 12 months, except for Brisbane, which continues to hold a positive overall property price increase in the last 12 months.
- Sydney property prices: dropped -0.4 per cent over the last week, dropped -1.8 per cent over the last month, and dropped -7.6 per cent over the last 12 months
- Melbourne property prices: dropped -0.2 per cent over the last week, dropped -1.1 per cent over the last month, and dropped -4.9 per cent over the last 12 months
- Brisbane property prices: dropped -0.6 per cent from last week, dropped -1.8 per cent over the last month, but are up 11.1 per cent over the last 12 months.
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