National home prices remained flat last week, but the continued drift in Sydney means they dropped on a monthly basis.
Home values excluding auctions in the week to January 7 were steady as slight falls in Sydney and Perth offset a marginal gain in Brisbane, according to preliminary figures released Monday by property data group CoreLogic.
On a monthly basis, however, home prices across the combined five capital cities fell 0.4 per cent, dragged down by weakness in Sydney's housing market - which dipped 0.7 per cent in the month.
Melbourne is slightly more resilient than the harbour city, sliding a mere 0.2 per cent in the month, while Perth also declined, down 0.4 per cent.
Brisbane and Adelaide rose 0.1 per cent and 0.2 per cent in the four weeks, respectively.
CoreLogic will resume reporting of weekly auction statistics with its next set of results.