CHARTS OF THE DAY: Housing Is Having Its Strongest Spring For Years

Spring has sprung and all around Australia, watercooler and BBQ conversations have turned to the state of the housing market.

Already last Saturday – while the rest of Australia was glued to the AFL Grand Final – there were 872 auctions held in Sydney. Preliminary results received by RP Data showing a 77% clearance rate but overall clearance rates across the capital cities are rising.

House Prices are also on the rise and the RP Data daily house price index shows Sydney prices up 9.1% this year, Melbourne (+6.7%), Brisbane (+1.9%), Adelaide (+1.3%) and Perth (+5.2%) for an average of 6.3% year to date.

It’s looking like the strongest spring for some years, but let’s hope that buyers don’t lose their heads, otherwise the Reserve Bank might just do something about it.

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