Home values steady but auctions lift

Petrina Berry
(Australian Associated Press)


Perth has shown a slight increase in home prices on a monthly basis, while most other capital cities’ values have fallen.

Western Australia’s capital reported a 0.3 per cent lift in home values last week compared to a month ago, however compared to a year ago, they were down 2.3 per cent.

Sydney’s prices were down 0.2 per cent on a monthly basis and down 2.9 per cent on a yearly basis, according to the latest data by property analytics group CoreLogic.

Adelaide was the only other capital city that saw price rises over the past four weeks with a 0.1 per cent lift and a 1.4 per cent rise compared to a year ago, while Melbourne and Brisbane reported monthly falls of 0.3 per cent and 0.1 per cent, respectively and rises of 4.7 per cent and 1.1 per cent on an annual basis.

Meanwhile, the capital cities’ combined auction clearance rate of 64.6 per cent for the March quarter is slightly higher than the December quarter’s 62.3 per cent clearance rate.

CoreLogic research analyst Cameron Kusher said while clearance rates have increased relative to the December 2017 quarter, they were still well down on a year ago.

“This reflects the much tighter lending conditions now in place and the fact that in the two most auction-centric markets (Sydney and Melbourne), dwelling values are now falling,” Mr Kusher said.

All cities apart from Perth and Tasmania recorded an increase in auction clearance rates over the quarter.

Sydney had the largest increase, up from 57.7 per cent to 63.6 per cent while Melbourne recorded the highest clearance rate at 68.4 per cent, up from 68.1 per cent the previous quarter, followed by Canberra at 67.9 per cent.

Sydney – house $940,000, unit $711,000 Melbourne – house $745,000, unit $564,000 Brisbane – house $536,000, unit $374,000 Adelaide – house $436,000, unit $330,000 Perth – house $501,000, unit $388,250 Hobart – house $410,000, unit $345,000 Darwin – house $531,650, unit $312,500 Canberra – house $657,000, unit $426,000

Source: CoreLogic


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