House prices jump 3.7 per cent since start of year

Home prices in Australia’s biggest cities have jumped 3.7 per cent since the start of the year with the proportion of settled auctions on the rise as well.

Sydney has led the charge, with prices there jumping 5.3 per cent since January 1, according to the latest data from CoreLogic.

The median house price in Sydney is $950,000, while the median unit price hit $740,000.

Melbourne residential property prices have risen 4.4 per cent since the start of this year, with the median house price at $710,000 and the unit price at $525,000.

Perth was the only capital where prices have fallen, edging down 1.1 per cent.

Meanwhile, Hobart remains the cheapest market with median house prices at $365,000 and unit prices at $306,500.

The Reserve Bank of Australia last week warned there had been a build-up of risks associated with the housing market, while the head of Australia’s corporate watchdog said Sydney and Melbourne were in the midst of a property bubble

CoreLogic also reported that the national auction clearance rate jumped to 77.1 per cent in the week to March 26, from 74.1 per cent the previous week.

The auction clearance rate was 70.9 per cent in the same week in 2016.

Sydney had the highest rate last week, at 81.1 per cent, while in Melbourne 79.9 per cent of properties up for auction sold.

Canberra had a clearance rate of 78.4 per cent, in Tasmania 71.4 per cent of auctioned properties sold, and in Adelaide it was 68.2 per cent.

However, less than half the auctions held in Brisbane and Perth settled in the week, with clearance rates of 44 per cent and 30.8 per cent, respectively.

CoreLogic’s data also showed that there were 3147 auctions last week – the second highest in the year to date, and up from 2916 the previous week.

The number of new property listings had also jumped, by 4.9 per cent over the previous 12 months, but the total number of listings has slumped 4 per cent.

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