Sydney’s continuing home price slide kept capital city values largely flat last week, while auction activity has increased.
The number of home auctions rose to 779 in the week to February 4 – almost triple the number of a week earlier – but that was down on the 881 in the same period a year ago, data from property analytics group Corelogic show.
The percentage of homes which found a buyer was also down, with the preliminary clearance rate of 67.7 percent across the combined capital cities well below the previous week’s 72.8 percent, and lower than the 68.8 per cent rate at the same time in 2017. Sydney’s average home value fell 0.2 percent, as prices remained limp around the capitals over week, with Perth prices down 0.1 percent and Melbourne, Adelaide and Brisbane values steady.Over the 12 months, Sydney’s average prices gained 1.0 percent, while top performer Melbourne’s lifted 7.9 percent.
The average price for a house in Sydney is now $800,000, while the median cost of a unit is $650,500.
In Melbourne, the Harbour City’s closest rival, a house on average costs around $680,000 and a unit $491,000.
Adelaide and Melbourne enjoyed the highest clearance rates, at 76.7 per cent and 72.8 per cent, respectively, while Melbourne was the only capital city to grow auction volumes from the same time in 2017.
Brisbane had the fewest buyers with just 46.6 per cent of homes put to auction selling.
CoreLogic said that with auction activity just starting up, the next weeks should help clarify whether auction sales would fall back to the low levels seen ahead of Christmas.
source: The Sydney Morning Herald