08/11/2021
Property market remains strong 0.4% increase so far this month! However new APRA guidelines means that borrowing capacity has reduced by about 5% on average compared to a month ago.
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Our property markets remain very active with buyers and sellers keen to get into the market and lock in before Christmas.
And obviously, all the chatter about looming interest rate rises have given homeowners more reason to sell before any slowdown kicks in making last weekend the third-busiest week for auctions so far this year.
However, the large number of new listings arriving on the market for sale is likely to moderate price gains moving forward.
After lifting for six weeks or so from the lockdown lows, thereโs a sign that the pipeline of newly-listed properties in Melbourne may be flattening out, but there is normally a seasonal slowdown leading up to Christmas.
There are also encouraging signs that after being flat in the first part of the year (vendors being discouraged by infections and lockdowns), new listings in Brisbane, Adelaide, and Perth are beginning to rise, into a market that has been displaying buoyant price gains.
The same could be said for regional markets, where a shortage of stock and strong demand have collided to see strong regional price rises, stronger than for the capital cities, unusual to say the least.
So far, after falling through the middle of the year, the outstanding stock of properties in regional areas has flattened off, possibly set to moderate price gains in the period ahead.
Over the weekend Sydney and Melbourneโs clearance rates were 3-5% points lower than last weekโs preliminaries, at 75.9% and 72.0% respectively, they remain above their long-term averages of 65.4% and 61.7%.
Across the other larger state capitals, prices also rose in the first week of November, including in Perth after its net 0.1% dip last month.
Across the five capital cities, the momentum of prices has continued at last monthโs pace, up 0.3%, so far on last monthโs track of a monthly 1.4% gain.
Prices are up 19.4% year to date.
Here's what happened to property prices ...
- Sydney property prices have kept moving higher, up another 0.4% in the last week alone, up 0.4% for the month to date, and up 25.7% over the last 12 months.
- Melbourne house prices rose 0.2% this past week, up 0.2% for the month to date, and up 16.6% over the last 12 months.
- Brisbane house prices increased 0.5% over the last week, up 0.5% for the month to date, and 24.4% over the last year.
