Housing prices have risen for the fourth week in a row but a looming seasonal increase in auction numbers will soon test the market, according to property market analytics firm CoreLogic.
The average for the five mainland state capitals was up 0.3 per cent in the week to Sunday, and by 8.5 per cent through the year.
At the same time, the auction clearance rate averaged among the capital cities remained strong at 77.5 per cent, compared with 73.6 per cent the week before and 62.3 per cent a year ago.
But the pre-Christmas surge in auction numbers is yet to be felt.
“As the number of auctions trends higher over the coming weeks, the larger stock levels will provide a timely test of the auction market’s strength,” CoreLogic said.
Sydney confirmed its status as the strongest market, with a weekly home value rise of 0.5 per cent – the steepest since early September – and annual growth of 12.1 per cent.
Sydney also boasted the highest clearance rate of 84.2 per cent, although CoreLogic reported the number of properties currently listed for sale in Sydney was down 10.1 per cent from the same time last year.
At the other end of the scale, Perth remained the weakest, with home values up 0.1 per cent in the week but down 4.9 per cent through the year as the number of homes on the market rose 18.6 per cent from a year ago.