(Australian Associated Press)
The auction market has recovered from its post-Christmas dip but housing finance has softened and home values continue to fall in Sydney.
Housing finance for owner occupiers fell one per cent in December, according to seasonally adjusted figures from the Australian Bureau of Statistics.
The value of commercial loans, including mortgages to investors, dropped 6.1 per cent to $42.8 billion.
Home prices in all of the major capitals except Sydney were unchanged last week but the harbour city’s 0.2 per cent fall dragged the average down 0.1 per cent.
Sydney prices have now increased by just 0.7 per cent over the past year, while home values in Melbourne rose 7.7 per cent over the same period.
Auction volumes have recovered from the post-festive lull, with 1,464 homes going under the hammer across the five capital cities last week, up from 790 in the previous week.
Clearance rates remain well down on the same time last year.
The national auction clearance rate rose to 67.7 per cent in the week to February 11, stronger than the prior week but weaker than the 73.2 per cent recorded at the same time last year.
CAPITAL CITY PRIVATE TREATY MEDIAN PRICES
Sydney – $811,500
Melbourne – $680,000
Canberra – $640,000
Brisbane – $525,000
Perth – $510,000
Darwin – $490,000
Adelaide – $451,000
Hobart – $440,000
Combined capitals – $616,750
Sydney – $670,000
Melbourne – $501,500
Canberra – $417,500
Brisbane – $385,500
Perth – $367,500
Hobart – $322,000
Darwin – $315,000
Adelaide – $311,500
Combined capitals – $515,843
Source: CoreLogic Property Market Indicator Summary week ending February 11, 2018.