RP Data: Sydney property market in rude health

Weekly report from RP Data.

Auction clearance rates up to boom time levels of 80.3% in Sydney. Melbourne strong at 71.6%. The two major capitals make up the overwhelming majority of auctions in Australia.

Stock on the market has fallen across Australia. Why? More investors buying who don't have existing properties to sell. 

Across the capital cities, clearance rates continue to improve.

Houses in Canberra are selling fast, but I remain unconvinced that Canberra is a superior long-term bet.

The workforce may be reduced and there are great swathes of land which may be released if planning restrictions are ever eased. And indeed the Government announced yesterday that they will release 4,800 residential plots in 2013/14, which is a red flag for dwelling prices staying strong.

Better opportunities elsewhere in my opinion.

The fastest selling property types are Sydney apartments (34 days) and now Sydney houses (35 days).

I'd be surprised if we weren't discussing price gains in Sydney apartments by election time.

Source: RP Data

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