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Flat week for capital city house prices

The combined home values of Australia's five major capital cities were flat last week, although the Sydney market continued to show signs of deterioration.

Sydney home values were down 0.2 per cent in the week to December 3, and 0.7 per cent lower on a monthly basis, according to preliminary figures from property data group CoreLogic.

There were also 3,276 auctions held across the combined capital cities last week, returning a preliminary auction clearance rate of 63.5 per cent, up on the previous week - when the combined capitals recorded their third busiest seven-day period for auctions so far this year .

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