Housing Market Update February 2017
Today the Reserve Bank of Australia announced they will be cutting the official cash rate by 25 basis points to a new historic low of 1.5 per cent.
Latest reports for the Australian property market have revealed that real estate is entering a new cycle with dwelling values falling across five capital cities during the month of November.
Top 20 most expensive suburbs in Australia. Due to the enormous 11% increase in home values for Australian capital cities over the past year, there are now 437 suburbs across the country with an average property value of $1 million or more.
This week 2,207 properties went to auction across Australian capital cities and the combined clearance rate was 77.7 per cent. These current auction clearance rates remain at levels much higher than the same time last year when only 65.4 per cent of homes taken to auction were sold. The auction clearance rate for Sydney remains at levels higher than the other capital cities at 83.9 per cent this week.