The end of the financial year is upon us and tax season has well and truly begun. The total auctions for the last weekend of June remained high, despite the introduction of lockdowns in some regions, with Sydney hosting 1101 auctions for an 81.8% clearance rate, and Melbourne achieving the second busiest auction week of the year with 1414 auctions for a clearance rate of 75.9%. Clearance rates in Canberra and Adelaide also remain high with 87.8% and 78.9% respectively, contributing to a weighted average of 77.5% clearance rate across the 2976 auctions, as the property market continues to perform strongly.
Property prices continue to climb across the 5-capital city aggregate, with Sydney experiencing the largest growth year on year, with 14.97% followed closely by Brisbane at 14.73% and Adelaide with 13.89%. The quarter-on-quarter change reflects similarly positive results with Sydney coming out on top with a change of 8.23%, followed by Brisbane and Adelaide with 6.09% and 5.62% respectively. This reflects positively for the property market, and even with supply increasing, property prices continue to rise.
The unit price across all three retail funds remains stable at $1.00.
This article appeared in our June 2021 Investor Newsletter – download the full newsletter here.