Sydney's preliminary clearance rate climbs above 80 per cent as market continues to make up lost ground
Auction volumes remained steady across the capital cities for the week ending August 11, while preliminary clearance rates rose in Melbourne and Sydney.
Real Estate Institute of Australia President Adrian Kelly said overall the figures for June 2019 show, in seasonally adjusted terms, that the number of owner-occupied finance commitments excluding refinancing increased by 0.4 per cent.
Overall lending to home buyers (excluding refinancing) posted a modest lift in June but remains considerably below earlier levels, according to Housing Industry Association of Australia (HIA).
All states experienced a decline in fresh property sales listings, with Sydney -32.5% lower than a year ago, Melbourne is down -29.3%, and Brisbane has decreased by -19.8%.
Value of property prices in Sydney are expected to rise by 2 per cent and in Melbourne, unit prices will grow from 0 to 2 per cent and house prices will increase from 1 to 3 per cent, according to Dream Design Property (DDP).
Preliminary clearance rate lower as volumes remain steady
The lower clearance rate this week was across a similar number of auctions week-on-week, with 1,100 capital city homes taken to auction, slightly lower than the 1,124 homes auctioned the week prior.
Victorian Government appoints CSV CEO and proposes new apartment designs
The Victorian Government has welcomed Dan O'Brien as the new CEO of Cladding Safety Victoria and is set to introduce new design standards for the outside of apartment buildings, to ensure new developments are built to a "high-quality, and improve the look and feel of local neighbourhoods."
Property Council of Australia backs the appointment of NSW Building Commissioner
Property Council of Australia welcomes the news of the newly appointed NSW Building Commissioner, David Chandler, following this month's Building Minister's Forum.
The primary drivers for the turnaround in housing market performance were Sydney and Melbourne, where values have ticked higher over the past two months, taking values 0.3% off their floor in Sydney and 0.4% higher in Melbourne.