Strengthening auction clearance rates
A recent RP Data release (November 17) has highlighted the strengthening clearance rates being recorded across the nation's capital cities, which could be great news for investors considering home loans and portfolio expansion in the near future.
The average clearance rate for the last week was recorded at 69 per cent - following the previous week's result of 63.5 per cent and last year's rate of 67.4 per cent. Furthermore, it was found that auction volumes nationwide were up by 14 per cent over the last year as well, highlighting an increase in stock alongside the growing property auction sales.
Naturally, Sydney saw a clearance rate of 75.2 per cent over the last 7 days - the largest in country, offering further insights into the New South Wales capital city's growth. Following up was Melbourne, with a weekly clearance rate of 66.7 per cent, highlighting a slight reduction from 2013's result of 69 per cent for the same period.
As these figures continue to increase, now could be the perfect time to make a move into the markets. The Housing Industry Association (HIA) highlighted early last week that dwelling prices were continuing to grow rapidly, with residential property values up by 9.1 per cent over the last 12 months nationwide.
HIA Senior Economist Shane Garrett said this includes a huge 9.2 per cent growth in established house prices, as the market begins to shift towards sustainable growth following explosive growth during the early months of the year.
"The annual rate of home price growth nationally is back in single figures for the first time in a year. At the same time, new home building is stretching to its busiest year in two decades. This is no coincidence," said Mr Garrett in a November 11 statement.
As the market continues to develop, now could be a brilliant time to get in touch with a finance expert to discuss the home loan options available to you.
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