Australian prices continue to soar

The main Australian cities of Melbourne, Adelaide, Sydney and Brisbane have all witnessed an increase in prices during the last seven days.

The figures have been attributed to the number of properties that were sold at auction during the past week.

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Perth was the only major Australian city to report a drop in property prices in the week ending August 6th. According to figures from statistics analyst CoreLogic, prices in Perth dropped by 0.1% last week.

Melbourne however reported the largest growth in property prices during the same period (up 0.5%), and it was closely followed by Adelaide which reported a 0.4% rise. Sydney meanwhile reported rises of 0.2%, and Brisbane’s property prices increased by 0.1%.

Despite there being fewer auctions held across the five major Australian cities throughout the first week of August, the combined cities’ auction clearance rate rose to by 2.8% from the week prior.

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When analysing the two largest cities in the country, Melbourne is continuing to surpass Sydney with 75.7% of its auctioned homes actually selling. Despite this Sydney’s clearance rate improved by an impressive 5.7% from the week before – which was the city’s lowest recording so far this year.

On a monthly basis, Melbourne’s property prices are up by 1.8% while Sydney is reporting property price growth of 0.5%.

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