According to The Australian Financial Review, Sydney house prices have given up some of their recent strong gains, with prices ticking lower over both the past week and month, figures from CoreLogic RP Data show.
Home values in the NSW capital fell 0.1 per cent last week and are down 0.2 per cent over the past four weeks, the data provider said on Monday. It was the first four-weekly decline in prices since late January and a reverse from the 3.1 per cent monthly gain CoreLogic reported two weeks ago for the month of May.
Prices have fallen over the past four weeks in each of the five largest cities except Melbourne.
The figures partly reflect the results of a quiet Queen's Birthday long weekend that held half as many auctions as a week earlier. Just 1053 auctions were scheduled over the week to Saturday, down from 2008 last week. Sydney's preliminary clearance rate of 76.3 per cent was based on 337 auctions, compared with 72.9 per cent from 627 a week earlier.
Not everything was slow, however. A newly built five-bedroom home at 6 Willoughby Street, Epping sold at auction for $2.45 million, $150,000 above the $2.3 million reserve price, McGrath Epping agent Wayne Vaughan said. There were eight registered bidders, four of whom cast bids and the final race came down to two people.
"There's a real lack of property on the market in our area," Mr Vaughan said. "Ten of our last properties sold at auction or before auction. The other one sold the following week. That's super strong."
Melbourne's week was slower, with a clearance rate of 66.9 per cent based on 275 auctions, down from a 71.1 per cent clearance rate last week based on 894 auctions. The Victorian capital is the only city to have recorded a gain in dwelling values over the past week and past month, with a 0.1 per cent rise in both.
In Brisbane, where Queensland was not slowed by a public holiday, the preliminary auction clearance rate was 46.5 per cent, based on the results of 101 auctions. This is slightly below the 48.2 per cent rate a week earlier on 110 auctions. Home values fell 0.5 per cent over the week, bringing the overall decline over the past four weeks to 0.8 per cent.
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