Home values continued to plateau across the nation's capital cities last week despite a strong rebound in auction clearance rates.
Australian house price growth again moderated slightly for the week to September 10, according to the latest preliminary figures from property data group Corelogic.
The combined prices for the nation’s key capital cities has now inched up just 0.2 per cent in a month.
House values lifted 0.1 per cent in both Sydney and Adelaide over the week, but were flat in Brisbane and again lower in the struggling Perth market.
The slowdown follows Australian Prudential Regulatory Authority intervention to limit interest-only loans to 30 per cent of lenders’ new mortgages,
Melbourne house sales were the strongest – albeit with a subdued 0.2 per cent increase for the week and up 0.6 per cent over the last month – while house price growth in Perth over the past month has now fallen 0.6 per cent.
The national auction clearance rate for the week also rebounded to 70.2 per cent, following the previous week’s revised 66.4 per cent – the lowest combined capital weekly clearance rate since June 2016.
Auction volumes increased week-on-week with 2,225 properties taken to auction this week, up from 2,074 last week, and higher than for the corresponding period last year of 2,062.