Australian Property Market is “Booming”

According to the Financial Review today, a preliminary weighted average clearance rate of 77.7 per cent was recorded this week across capital cities, compared to 76.2 per cent this time last year.  The preliminary figures showed an auction clearance rate of 87.8 per cent in Sydney, 74.9% in Melbourne, 68.9% in Brisbane, 55.2% in Adelaide, 72.9% in Canberra and 53.8% in Perth.

"This is the third year of boom time conditions in Sydney," Dr Wilson, Domain Group senior economist, said. "It is now approaching what we saw in the early 2000s in terms of the longevity of this cycle. There has been strengthening in numbers in both Sydney and Melbourne following the interest rate cut in February."

BlueScope Steel said it expects booming new home building in Australia and the weaker Australian dollar to drive earnings growth through 2015.Blue Scope Steel reported a 62 per cent jump in underlying half-year profit.

Ref: http://www.afr.com/p/business/property/truly_extraordinary_sydney_auction_bkuUWjAmJObWb1bPO1uCNN

http://www.afr.com/p/business/companies/bluescope_steel_profit_jumps_by_siKVALkfVBfQmSCxMFhCWM