Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Sunday, 9 April 2017

Hammer time

Hammer time

What a week it's been in property!

Everyone from Waleed to Pat McGrath has been doing macro-pru.

I looked at APRA's latest round of measures in a bit more detail here.

The measures appear to be more of a slow tightening of the noose rather than anything more dramatic.

Certainly there wasn't much holding back in evidence in the weekend auction results.

Melbourne and Sydney both record preliminary clearance rates of well above 80 per cent from massive volumes of 1,245 and 1,154 respectively.

Meanwhile, Adelaide recorded a preliminary clearance rate of 86 per cent, which is as high as I can remember seeing for the South Australian capital, albeit from a smaller number of auctions. 

Sydney's median auction price was $1,320,000, up 9 per cent from the same weekend a year ago, with the increase all driven by detached houses. 

Sydney's median auction price has exceeded $1.3 million for four consecutive weekends for the first time.