2017年 03月 29日

Australian house prices jump 3.7 per cent since start of year

Home prices in Australia’s biggest cities have jumped 3.7 per cent since the start of the year with the proportion of settled auctions on the rise as well.

Sydney has led the charge, with prices there jumping 5.3 per cent since January 1, according to the latest data from CoreLogic. The median house price in Sydney is $950,000, while the median unit price hit $740,000.

Melbourne residential property prices have risen 4.4 per cent since the start of this year, with the median house price at $710,000 and the unit price at $525,000.

CoreLogic also reported that the national auction clearance rate jumped to 77.1 per cent in the week to March 26, from 74.1 per cent the previous week. The auction clearance rate was 70.9 per cent in the same week in 2016. Sydney had the highest rate last week, at 81.1 per cent, while in Melbourne 79.9 per cent of properties up for auction sold.

CoreLogic’s data also showed that there were 3147 auctions last week – the second highest in the year to date, and up from 2916 the previous week. The number of new property listings had also jumped, by 4.9 per cent over the previous 12 months, but the total number of listings has slumped 4 per cent.