In the week ending 25th October, CoreLogic results show that auction clearance rates are improving in Sydney, with an 80.4% clearance rate for 712 listed homes. In the week prior, a clearance rate of 69.1% was reported.

Melbourne is also experiencing a surge in listings, as in-person inspections are allowed again. From 505 auctions listed, the preliminary clearance rate is 65%, up from 60.2% the week before.

Louis Christopher of SQM Research said “Sydney has been improving in terms of the strength and confidence of the market since about July.” He also stated the improvement of clearance rates is enough to indicate that prices are rising in Sydney again.

Melbourne is still uncertain, for now. Mr Christopher tentatively said that “things might be starting to improve a little”.
After Monday’s announcement of easing of restrictions, I cannot wait to see the impact on the property market. I foresee a big pickup in listings, a big pickup in demand and a shock price increase, as Melbourne comes out of its hibernation.

After this initial price increase and euphoria, we’ll see the rate of increase drop a little as we’re taking inventory of what is left of the economy and start building everything up from there.

But nonetheless, a steady increase of values in the top half of the market is expected.