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What Happened in the Spring Markets?

By Rhianna Poole

November is traditionally an exciting time for real estate in Australia. Not only do you have the continuing effects of the spring surge in selling, but there’s also the inclination of buyers and sellers alike to make their moves before Christmas slows everything down.

And the stats don’t lie

Looking back at the last five weeks of auction results, it’s clear to see that the Australian property market is as healthy as ever. With clearance rates consistently around the 72 per cent mark, according to Australian Property Monitors, auctions are clearly the order of the day.

The rate of capital growth has slowed as shown by figures for 31 October, released by RP Data, but it has still been a strong month for the whole country.

The average per cent change year on year for all dwellings in the five capital cities was aggregated at 9.07 per cent. Although not as high as previous months, this is still an incredible figure and shows that the market is reaching a more stable rate of growth.

According to Peter Bushby, president of the Real Estate Institute of Australia, moderating market indicators like the slight decrease in home lending should appease the Reserve Bank of Australia, as the country settles into a more maintainable stride.

Real estate in Sydney is usually a clear indicator of market trends and the RP Data figures for this city look good. Capital growth for the year of 13.09 per cent, made up by a 13.89 per cent increase in houses and 9.58 per cent rise in unit prices, shows a healthy market in this trend-setting capital city.

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