Australia markets closed

Sydney, Melbourne property prices trending up

These are the latest auction market and property price trends. Source: Getty

Despite worries about our economy and the corona virus, our property markets are booming.

Both Melbourne and Sydney home auction markets started the year strongly and the depth of interest from home buyers and investors has kept auction results strong despite more properties being put up for sale, and despite the global concerns regarding the coronavirus

Buyer and now seller confidence has clearly regenerated with results continuing to track well above those recorded a year ago.

Both Sydney and Melbourne are delivering "boom time" auction clearance rates despite significantly more properties put to auction over the last few weekends.

There is no mistaking it – there is a lot of energy in the markets of our big capital cities and Canberra and this should continue throughout the year.

Latest auction market and house asking price trends. Source: Michael Yardney
Latest auction market and house asking price trends. Source: Michael Yardney


The Sydney property market

The Sydney property market is the strongest has been in three years and despite new record number of properties being put for sale by auction, it is delivering boom time auction clearance rates.

Latest auction market and house asking price trends. Source: Michael Yardney

Auction clearance rates are the highest in Sydney’s inner suburbs and weakest in the outer western suburbs.

Latest auction market and house asking price trends. Source: Michael Yardney

The strong auction results plus the depth of market sentiment from both buyers and sellers suggest the Sydney property market will keep rising.

The Melbourne property market

The Melbourne auction market also had a strong start to the year, with its best performance for the last two years.

Despite a surge in listings of properties for sale, auction clearance rate kept rising over the month of February.

Latest auction market and house asking price trends. Source: Michael Yardney

While auction clearance rate results were strong throughout Melbourne, they were strongest in the outer eastern and north eastern suburbs.

Latest auction market and house asking price trends. Source: Michael Yardney

Asking prices

As our property markets continue to grow all capital city house “asking prices” grew in the month of February with the exception of Brisbane and Adelaide.

It is no surprise that the Sydney property market remains Australia’s top housing market double digit price growth in asking prices for homes for sale.

All capital cities with the exception of Perth have recorded increased house asking prices.

Latest auction market and house asking price trends. Source: Michael Yardney

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.

Follow Yahoo Finance Australia on FacebookTwitterInstagram and LinkedIn.