Home World Business Melbourne, Sydney property prices continue to rise

Melbourne, Sydney property prices continue to rise

0
0
SHARE

Melbourne led the way in property price growth over the past week, while Sydney also saw a rise, according to the latest CoreLogic property data.

Over the week to July 9, Melbourne again was out in front, with its median home price lifting 1.4 per cent, followed by Sydney with a 0.6 per cent rise, Brisbane gaining 0.3 per cent and Adelaide edging 0.1 per cent higher over the week.

Up Next

Interest rates on hold

null

Video duration
01:01

More Domain Videos

Australian census property snapshot

A brief look at how property tenure has changed over the last 25 years.

Perth was the only major capital to record a drop in home values, with prices sliding 0.6 per cent.

The number of homes up for auction has continued to slide with 1,751 properties going under the hammer across the five cities during the past week, compared to 2,001 the previous week.

Melbourne recorded the highest auction clearance rate, at 73.9 per cent, which was up from 71.8 per cent at the same time last year, while in Sydney 72.5 per cent of properties up for auction sold, down four percentage points on 2016.

Across Australia’s seven major capitals combined, excluding Darwin, the auction clearance rate of 70.7 per cent, was virtually unchanged from the 70.6 per cent at the same time last year, but it was up from the previous week’s 67.3 per cent.

The battle for top ranking in annual median home price movements continues between Melbourne and Sydney, with their prices up 15.5 per cent and 13.1 per cent, respectively.

Meanwhile, Brisbane recorded a 3.7 per cent annual lift and Adelaide prices rose 2.2 per cent, but Perth fell 2.4 per cent.

The median price in Melbourne jumped 1.4 per cent over the last seven days. The median price in Melbourne jumped 1.4 per cent over the last seven days. 

Combined, capital city prices were up 10.6 per cent on the same time last year.

AAP

LEAVE A REPLY

Please enter your comment!
Please enter your name here