Latest NewsProperty Values StrongFriday, 09 December 2016

Sydney and Melbourne continue to perform strongly, with last weekend’s auction clearance results tipping 70 per cent in both cities.

Melbourne continues to position itself as a force to be reckoned with, recording a clearance rate of 80.9 per cent and a median house sale value of $415,000.

Similarly, Sydney also performed very well last weekend with a clearance rate of 73.1 per cent.

Statistics from RP Data show the median house price in NSW is now $555,000 and is widely expected to climb higher while ever demand is increasing.

Earlier today the Reserve Bank warned that house prices would keep rising until housing construction accelerated to meet the swelling population.

Delays on planning approvals and a shortage of skilled tradesmen - a problem likely to worsen as the mining boom looks set to return - are contributing to rising costs in the sector.

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