House prices in Sydney and Melbourne continue to rise faster than in other capital cities

William West/AFP/Getty Images

Mirroring the performance of recent auction clearance rates, house prices in Sydney and Melbourne continued to rise at a faster pace than other capitals across the country.

According to data released by CoreLogic earlier today, prices rose by 0.4% in Sydney last week, and by 0.3% in Melbourne, taking the increase in both cities so far in 2017 to 5.6% and 4.6% respectively.

Adelaide, where prices have increased by 1.6% so far this year, comes in a distant third place.

This table from CoreLogic shows the performance of Australia’s mainland state capitals, looking at the change in the median dwelling price in each city over the past week, month and year.

Source: CoreLogic

Over the past 12 months, the median dwelling price in Sydney rose by 18.1% and by 16.7% in Melbourne, significantly faster than the increase seen in Brisbane and Adelaide and 5.5% decline reported in Perth.

That divergence performance measures the recent performance of capital city auction clearance rates across the country.

Last week, Sydney and Melbourne recorded preliminary clearance rates of over 80%, according to CoreLogic, more than 10 percentage points higher than any other capital city over the same period.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.