(Australian Associated Press)
More than 3,000 homes went under the hammer across Australia’s capital cities last week, making it the second busiest week of the year so far.
In the week to March 18, 3,097 homes went to auction, up from 1,764 in the prior seven days.
Just over 63 per cent of auctions resulted in a sale, a softer clearance rate than in the prior week, and down from a 74 per cent clearance rate a year ago.
Home prices in the capital cities were relatively steady, slipping 0.1 per cent, with only minor changes in each city.
Values in Sydney, Melbourne and Adelaide were down 0.1 per cent, and steady in Perth and Brisbane.
Over the past 12 months, Sydney property prices were down 1.7 per cent, while Melbourne prices have risen 5.9 per cent.
Values in Perth have taken the sharpest fall, down 2.7 per cent.
Nationally, the average home value has increased 1.1 per cent over the past year.
The latest data from the Australian Bureau of Statistics shows that capital city residential property prices were up five per cent in the year to December, a slower pace of growth than the 8.3 per cent annual growth rate three months earlier.
The total value of Australia’s housing stock is at a record $6.9 trillion after rising by $93 billion between September and December.
Research by CoreLogic also showed that more than 91 per cent of properties sold in the three months to December generated a profit for the vendor.
CAPITAL CITY PRIVATE TREATY MEDIAN PRICES
Sydney – $925,000
Melbourne – $745,000
Canberra – $650,000
Brisbane – $525,000
Perth – $500,000
Adelaide – $455,000
Darwin – $496,000
Hobart – $475,000
Combined capitals – $697,344
Sydney – $726,500
Melbourne – $530,000
Canberra – $425,500
Perth – $395,500
Brisbane – $367,000
Hobart – $350,000
Adelaide – $322,500
Darwin – $341,500
Combined capitals – $572,023
Source: CoreLogic Property Market Indicator Summary week ending March 18, 2018.