Sydney’s housing market is continuing to slow with the monthly growth in the price of a home down one per cent, latest auction figures show.
The Harbour City’s home prices were flat in the week to July 23, but over the month the growth in prices slowed from 3.1 per cent to 2.1 per cent, according to data from property analytics firm CoreLogic.
Home prices in Melbourne also held steady in the week after climbing for three consecutive weeks, while Adelaide prices were up 0.5 per cent, but both Brisbane and Perth’s home values fell, by 0.6 per cent and 0.2 per cent, respectively.
Melbourne’s monthly growth also slipped, to 4.2 per cent from 5.0 per cent the previous week.
The median Sydney house price is now $920,000, while in Melbourne it is $690,000.
Despite both Sydney and Melbourne’s fall, overall monthly growth across Australia’s capital cities was up 2.2 per cent. Overall auction volumes across all capital cities were higher, week-on-week – with 1,712 properties going under the hammer in the seven days to Sunday compared to 1,627 the previous week – and than the same time last year.
Melbourne sold 537 houses while Sydney sold 361 homes.
The CoreLogic report, released on Monday, said Melbourne’s market had continued to show some resilience to softer conditions, with the number of homes actually selling at auction remaining well above 70 per cent since July 2016, while Sydney had been tracking below the 70 per cent over the past six weeks.