Australian home prices held steady again last week as weakness in Melbourne was offset by flat-to-higher outcomes in all other mainland state capitals.
- So far in 2018, prices have fallen in Australia’s mainland state capitals, led by Sydney where the median value has declined 2.2%.
- Total listings in Sydney and Melbourne are higher than they were at this point in 2017.
Australian home prices held steady last week as further weakness in Melbourne was offset by flat-to-higher outcomes in all other mainland state capitals.
According to CoreLogic, prices in Melbourne fell by 0.2% over the week, a result that coincided with auction clearance rates in the city falling to the lowest level in over four years in early May.
Elsewhere, prices in Sydney, Brisbane and Perth were unchanged while those in Adelaide increased by 0.1%.
In average weighted terms, that left prices nationally steady one week earlier.
Over the past month, prices slipped by 0.2% across the country in weighted terms, unchanged from the level reported in the prior week.
By individual capital, prices fell by 0.4% in Melbourne, and by 0.2% apiece in Sydney and Brisbane, offsetting a steady result in Perth and 0.2% lift in Adelaide during this period.
Despite the recent divergence, national prices have fallen 1.3% in average weighted terms in 2018, again, unchanged from the level reported in the prior week.
Over this period, losses have ranged from 0.1% in Brisbane and Adelaide to as much as 2.2% in Sydney. Prices in Melbourne fell 1.1%.
While national prices have held steady for two consecutive weeks, the annual rate of decline accelerated from 0.7% to 0.9%, reflecting that prices were still increasing at this point last year.
By individual capital, Sydney prices are 3.9% lower than a year ago, the largest decline of any state capital. Elsewhere, annual price growth in Melbourne continues to slow, falling to 2.9% last week from 3.3% one week earlier.
Prices in Adelaide and Brisbane have risen slightly over the past year, while those in Perth continue to decline, albeit at a slower pace.
Contributing to the national decline in prices over the past year, there’s currently more properties up for sale than 12 months ago.
CoreLogic says total listings across the capitals currently sit at 112,020, up 4.6% from the same corresponding week in 2017.
Much of that increase reflects higher listings in Sydney and Melbourne which have risen by 23% and 7.5% respectively over the past year.
Listings in Canberra have also risen by 2.9%, but have fallen in all other capitals during this period.
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