Whether measured by clearance rates or prices, Australia's hot housing market continues to simmer

Photo: Craig Sillitoe/Getty Images.

Whether measured by clearance rates or prices, Australia’s hot housing market continued to simmer last week.

According to CoreLogic, Australia’s preliminary capital city auction clearance rate came in at 77.5%, up fractionally on the final figure of 74.4% reported in the previous week.

There were 2,490 auctions held across the capitals, well below the 2,947 level seen in the same corresponding week in 2015.

Reflective of the strength in the housing market right now, the national clearance rate back then was just 61.4%.

Continuing a familiar theme, the strength last week was led by Sydney and Melbourne, Australia’s largest and most expensive housing markets, with preliminary clearance rates of 82.1% and 80.5% reported.

Elsewhere the result were mixed, ranging from 79.5% in Canberra all the way through to just 31.8% in Perth.

CoreLogic will release final figures for the week, traditionally lower than the preliminary reading, on Thursday.

This table from CoreLogic shows how each capital city auction market fared for the week, comparing the results to those seen in the same week in 2015.

Mirroring the continued strength in clearance rates in Sydney and Melbourne, CoreLogoic’s separate capital city Home Value Index rose by 0.4% nationally over the week, leaving the change in 2016 at 9.5%.

All mainland state capitals saw the median dwelling price lift over the week, led by a 1.2% gain in Adelaide.

Reflective of the RBA’s view in its November monetary policy statement that property prices in some housing markets “have been rising briskly over the past few months”, something many perceived to mean Sydney and Melbourne, the median dwelling price in Sydney and Melbourne rose by 0.8% and 1.4% over the past month, leaving the increase so far in 2016 at 13.9% and 12.2% respectively.

Source: CoreLogic

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