June property market remains hot as homebuyers keep competing

sold house with keys

The winter months are usually considered the slow period in the Australian property market, with chilly weather usually discouraging people from attending home viewings. This can see a drop in demand but it seems the usual patterns do not apply to 2021. 

Each week, there are seemingly more ‘for sale’ signs popping up than the week before, and this week, figures released by Core Logic, show that there were almost double the number of houses going to auction in Australia’s capital cities than this time last year. 

The market remains heated.

How many properties have sold?

Across Australia’s capital cities combined this past week, there were 2,418 homes taken to auction, up from 1,251 at the same time in 2020. The current combined capital city clearance rate is 78%, which is an 18% increase on this time last year.

The increase in both volume and successful sale rate is a universal trend across the nation’s major cities. Sydney and Melbourne both saw strong numbers:

  • There were 786 auctions held across Melbourne this week, while just 558 homes were on the block this week in 2020.
  • The Melbourne auction clearance rate is 71.5%, up 11.4% from June last year.
  • In Sydney, there were 1,174 homes taken to auction, compared to 522 in 2020.
  • Sydney also had a successful sale rate of 82.6%, up 21% on this week last year.

The smaller capital cities are also experiencing high clearance rates. Brisbane recorded a successful sales rate of 79%, followed by Canberra, which showed 78% clearance. Adelaide experienced a 14% increase on last year, at 74.6%, while 54.5% of property auctions were successful in Perth.

How has this impacted Australian property prices?

The current volume of property going up for auction is currently being met with a substantial increase in demand, so prices are also increasing. Now, across Australia’s capital cities, the average purchase price of a house is $1.21 million, while the average unit will set you back $860,000.

Given these trends, it is more important than ever to ensure you are getting the right home loan for you. Higher prices are making it tougher to get into the market, though there are a range of home loans available at present that offer lower interest rates and also require smaller first deposits.

Visit Mozo’s home loan hub to calculate and compare the latest rates from a wide range of lenders.

Compare home loans - rates updated daily

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.
    fixed 3 years
    2.24% p.a.
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.
    Go to site
    Details
  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.32% p.a.
    Go to site
    Details
  • placeholder
    Special Offer Reward Me Fixed Rate Home Loan

    Owner Occupier, LVR <80%, 300k+

    interest rate
    comparison rate
    Initial monthly repayment
    1.98% p.a.
    fixed 2 years
    2.66% p.a.
    Go to site
    Details
  • placeholder
    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.
    Go to site
    Details

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.