Auction volumes across Australia’s capital cities bounced back last week from their post-Christmas lull, but Sydney home values fell again.
Preliminary figures released Monday by property data group CoreLogic showed the national auction clearance rate rose to 67.7 per cent in the week to February 11, up from 62 per cent in the prior week as volumes jumped across all the major capitals except for Adelaide.
There were 1,464 homes taken to auction across the five capital cities, up from the 790 held the previous week.
But the clearance rate remained well down on the 73.2 per cent recorded at the same time last year.
Melbourne at 72.5 per cent was the only city to record a rate above 70 per cent, while Sydney’s faltering clearance rate of 68.7 per cent compared unfavourably to the same time last year – when 80 per cent of auctioned homes found a buyer.
Home prices in four of the five capital cities were unmoved over the week, but Sydney’s 0.2 per cent fall dragged the average down 0.1 per cent.
Sydney prices have now risen just 0.7 per cent over the last 12 months.
By comparison, Melbourne home values are up 7.7 per cent over the same period.
On a monthly change basis, Sydney prices have fallen one per cent, while prices in the other major capitals are between just 0.1 per cent and 0.2 per cent lower.
Median house prices for private treaty sales, rather than auctions, were $811,500 in Sydney, $680,000 in Melbourne, $525,000 in Brisbane, $510,000 in Perth, and $451,000 in Adelaide.
Median unit prices for private treaty sales were $670,000 in Sydney, $501,500 in Melbourne, $385,500 in Brisbane, $311,500 in Adelaide and $365,500 in Perth.