While auction clearance rate are holding up well and standout results on some properties are being achieved,
Vendors may need to rein in their price expectations this spring, the boss of the country’s biggest real estate group has cautioned, after property price growth eased in July amid concerns of another interest rate rise.
In Melbourne – the weakest performing capital city market by some margin – house prices are down 0.4 per cent over the first four weeks of July, following a fall of 0.2 per cent in June. Adelaide home values are up 1.6 per cent after rising 1.7 per cent in June. Home values in Brisbane are up 1 per cent in July after rising 1.2 per cent in June.
“Our view is that the RBA probably won’t hike again unless underlying inflation as measured by the trimmed mean comes in at 1.1 per cent quarter-on-quarter, or 4.1 per cent year-on-year or higher,” Dr Oliver said last week. Melbourne, which hosted 840 home auctions, recorded a preliminary clearance rate of 69.8 per cent, up from the week prior’s 66.9 per cent .Across the smaller auction markets, Adelaide recorded the highest early clearance rate of 84.8 per cent, followed by Perth at 70 per cent, Brisbane at 61.9 per cent and Canberra at 60 per cent.
McGrath agent Jessy Antaky, who marketed the Strathfield home with colleague Tarun Sethi, said the vendors lived in Strathfield and had been in two minds whether to move in or sell. “The winning bidder was a family man from outside the area,” Mr Antaky said.
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