Home prices across Australia’s five major capital cities have fallen slightly over the past week, but have risen close to four per cent on where they were this time last year.
Residential property values fell an average of 0.1 per cent across Sydney, Melbourne, Brisbane, Perth and Adelaide in the seven days to January 14, but lifted 3.9 per cent in the 12 months to Sunday.
Values in Sydney, Brisbane, Adelaide and Perth each dropped 0.1 per cent, while Melbourne’s prices were steady, the latest figures from property research group CoreLogic show.
Median house prices for private treaty sales, rather than auctions, were $858,750 in Sydney, $700,500 in Melbourne, $537,500 in Brisbane, $495,000 in Perth, and $450,000 in Adelaide.
The median price for units in Sydney was $650,000 and $522,100 in Melbourne.
In total, 9,195 fresh properties were put up for sale across the major cities, including Darwin and Canberra, over the past 28 days – a 13.1 per cent decline on 12 months ago.
The number of all (old and new) listings in Sydney rose 31.5 per cent on the same time in 2017, in Melbourne the number rose 5.3 per cent and in Adelaide it was up 1.5 per cent, while the other cities saw a decline in listings.