Sydney home prices have again fallen while Melbourne's have remained flat, but more properties have gone under the hammer and the national auction clearance was higher last week.
Property data group CoreLogic’s weekly survey shows that the national auction clearance rate for the week to November 12 rose to 66.5 per cent, up from the adjusted 61.5 per cent in the prior week, when the final figure was the lowest since early 2016, but well below the same time last year.
According to CoreLogic, the combined five major capital clearance rates have continued to track much lower than last year and have been under 70 per cent since June.
“This is a considerably softer trend than what was seen over the same period last year when clearance rates were tracking around the mid 70 per cent range for most of the second half 2016,” CoreLogic said in a statement on Monday.
Conditions in the national housing market, and Sydney in particular, continue to point to an overall softening in the housing market.
Sydney had 1,089 total auctions in the seven days to November, 12 – matching the same week last year – but the 64.4 per cent clearance rate was 17 per cent down on 2916’s 81.4 per cent.
Sydney home values fell 0.2 per cent over the week, and were 0.6 per cent lower over the month.
Perth prices were down 0.2 per cent over both the week and the month.
Prices were flat in Brisbane and Melbourne, over the week, but on the month were up 0.3 per cent and up 0.1 per cent, respectively.
Adelaide fell 0.1 per cent in the week and the month.
Meanwhile, Canberra recorded the highest preliminary clearance rate, with 72.9 per cent of auctions resulting in a sale, while Brisbane had the lowest at 45.7 per cent.