Property prices have dipped across most of Australia’s capital cities, adding to speculation that the housing price boom is past its peak.
Latest auction result figures from property information group CoreLogic show the number of auctions, and the number of successful sales, increased in the week to May 14 compared with the previous week.
However the value of homes across Sydney, Melbourne, Brisbane, Adelaide and Perth fell by a collective 0.5 per cent for the week and 0.9 per cent for the month, with Brisbane the only capital city to record a rise in values.
“The strong auction results add some complexity to speculation that the housing market is moving through its peak rate of growth,” CoreLogic said in a note.
“At face value, auction markets are continuing to indicate continued strength in selling conditions across Sydney and Melbourne, however it’s harder to know whether vendors are adjusting their reserve pricing in order to clear their property.”
There were 2,376 auctions held across the five cities in the week to May 14, with a preliminary clearance rate of 76.2 per cent.
One week earlier, there were 1,698 auctions – based on final figures – with a clearance rate of 73.0 per cent.
CoreLogic said auctions a year earlier were also lower, with 1,876 properties taken to auction and a clearance rate of 69.5 per cent.