While auctions over the past weekend reached another record numbers, other cities in New Zealand saw strong clearance rates, The Motley Fool reported.
Figures from realestate.com.au showed that there 1,784 auctions in Victoria over the weekend with a clearance rate of 72 percent. Meanwhile, New South Wales recorded 1,103 auctions and 75 percent clearance rate, while Sydney had a clearance rate of 75.8 percent.
The Motley Fool said there is a disturbing trend behind these figures when combined, citing that the clearance rate in the outer west of Sydney was at 42 percent while the lower northern beaches had a massive 92 percent.
The report said that this indicates that the market is missing homebuyers looking for cheaper, more affordable properties, or it could be that the seller's price expectations are too high. In addition, those properties that are priced lower may also struggle to sell.
Meanwhile, in another real estate news, ValueWalk said that New Zealand is currently the hottest housing market in the world. House prices in the country grew 13 percent year-on-year. Unaffordability is also growing fast in New Zealand, with house prices climbing 11 percent over disposable income.
The report came ahead of the Federal Housing Finance Authority (FHFA)'s Tuesday report on its first home price appreciation estimates in 2016.
Also making it to ValueWalk's top five hottest housing markets are Australia and Sweden which both saw house prices growth of 11 percent, followed by Ireland with 9 percent and Canada with 8 percent. As what can be expected, these countries are also moving faster towards home unaffordability.
On one hand, Denmark has the fastest growth towards home affordability, with disposable personal income up 5 percent more than home prices. ValueWalk said though that this doesn't mean the country has the most affordable properties. France, Italy, Belgium, Croatia, Spain, Japan, Switzerland and Finland follow the list.
