There’s no slowdown in sight for Sydney and Melbourne housing markets with prices continuing to surge in early March.
This table from CoreLogic underlines that point.
According to the group’s capital city home value change index, prices in Sydney and Melbourne continued to rise strongly last week, increasing by a further 0.8% and 1.3% respectively.
The cutoff for the figures is March 5, meaning that some of the weekly increase also contributed to the sharp 2.6% and 1.5% increases in both cities in February.
The index now puts the gains in Sydney and Melbourne over the past four weeks at 2.9% and 2.3%, leaving the increase over the past year at 18.7% and 13.5% respectively.
As can be seen in the price performance in Australia’s other mainland state capitals over the same period, the gap in Australia’s two-speed housing market is seemingly widening, rather than closing, in the early pasts of 2017.
The continued price growth in Australia’s largest cities followed news over the weekend that preliminary auction clearance rates in both centres remained above 80% last week, according to CoreLogic, leaving them well above the levels seen in the same corresponding period in 2016.