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Signs of new pace in property market

Home sales around the nation picked up over the past week with sales at auction reaching their highest level since June but activity in the housing market remains below where it was a year ago.

The auction clearance rate nationally reached 71.1 per cent in the week to Sunday, August 27, preliminary figures from property data group Corelogic show.

The successful sale rate, based on 2,239 auctions, is up on the previous week's 69.8 per cent clearance on 2,064 auctions but remains below the 74.5 per cent rate hit during the market boom a year ago.

Price growth has moderated, with combined prices for the five capital cities up just 0.6 per cent for the month and lower in the past week in Sydney, Melbourne, Adelaide and Perth.

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