(Australian Associated Press)
Australian house prices are at a standstill but auction clearance rates have improved.
Values in Sydney, Melbourne, Adelaide and Perth were flat last week, while Brisbane managed a lift of just 0.1 per cent, according to figures from property data firm CoreLogic.
Over the last year, average Sydney property prices have dropped 0.3 per cent, while Perth had the largest drop of any city, of 2.7 per cent.
Home values in Melbourne have climbed 6.9 per cent over the past year, lifted 2.2 per cent in Adelaide and 1.9 per cent in Brisbane.
Nationally, average Australian home values have increased by just two per cent over the past year.
The average home price is now $865,000 in Sydney, $705,000 in Melbourne and $520,000 in Brisbane.
Last week, the International Monetary Fund’s Thomas Helbling, who led a delegation to Australia last year, said the recent cooling of the housing market was consistent with a “soft landing,” rather than the crash that some have feared.
In the week to February 25, auction volumes surged past 3,000 for the first time in 2018, with 3,275 homes going under the hammer and 70.5 per cent of those properties selling, according to preliminary figures.
It was a significant improvement on the previous week, when 1,992 auctions were held, with just two thirds resulting in sales.
CAPITAL CITY PRIVATE TREATY MEDIAN PRICES
Sydney – $865,000
Melbourne – $705,000
Canberra – $643,000
Brisbane – $520,000
Perth – $508,000
Adelaide – $450,000
Darwin – $450,000
Hobart – $440,000
Combined capitals – $657,528
Sydney – $695,000
Melbourne – $520,000
Canberra – $415,000
Perth – $400,000
Brisbane – $372,500
Hobart – $316,750
Adelaide – $310,000
Darwin – $310,000
Combined capitals – $542,536
Source: CoreLogic Property Market Indicator Summary week ending February 25, 2018.