Australia’s capital city property markets continue to slow, with prices and auction activity flat and best and falling in the biggest market of Sydney.
Home values in Sydney dropped 0.2 per cent over the week, and 0.7 per cent lower on a monthly basis, according to property data group CoreLogic.
Perth, Melbourne and Adelaide added 0.1 per cent in the week just ended, while Brisbane was flat.
In the past 12 months, Sydney home values have risen just 4.8 per cent, compared to Melbourne where values are 10 per cent ahead.
Brisbane prices have lifted 2.4 per cent, Adelaide gained 3.4 per cent, while in Perth, where residential markets also remain oversupplied, values fell away 2.5 per cent over the year.
Around the country 3,276 homes went to auction in capital cities last week with a clearance rate of just 63.5 per cent, according to preliminary figures.
Auction volumes for the same period last year were just about even at 3,207, however the sales rate a year ago was a more robust 72.3 per cent.
Canberra recorded the highest preliminary clearance rate of 75.6 per cent in the week to December 3, while Brisbane had the lowest at 44.9 per cent.
In private treaty sales, which account for the bulk of the market, Sydney’s median house price was slightly down on the previous week, at $942,000 and its unit price at $705,000, while Melbourne’s median also edged lower, at $750,000 for houses and $541,000 for units.