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Monday, 10 August 2015

Property price growth to spread its wings

Auctions

Sydney recorded a preliminary auction clearance rate of 77.8 per cent according to CoreLogic-RP Data from 711 reported results.

The final reported result for the prior week was 76 per cent and for the prior year it was 74.7 per cent.

The city's inner west region is the gift which just keeps on giving with a smashing 93 per cent clearance rate.

The Northern Beaches also recorded an extraordinary 93 per cent result.


Less good news for outer suburbs as Commonwealth Bank announced it would curb lending on new housing estates.

Finance will be delayed until land is ready for development, placing further restrictions on Sydney's housing supply.

Banks have been hit before by falling land values in outer suburbs when the property cycle comes off.

According to Core-Logic-RP Data Sydney dwelling prices have continued to boom by 5.1 per cent over the past quarter and 18 per cent over the past year.



Brisbane recorded a preliminary result of 61.8 per cent from 144 auctions up from 57.9 per cent last week and just 33 per cent one year ago.

It has been a long steady recovery for the Brisbane market since its 2011 nadir.


The Perth market remains soft, but Adelaide, Canberra and Tasmania all recorded preliminary clearance rates of above 80 per cent, albeit from very small sample sizes.