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Australian house prices at a standstill

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

HOUSES

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

UNITS

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.

Topics: Values / Prices

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