Housing auction clearance rates bounced back strongly last week, but the overhang of supply in Sydney, Perth and Darwin continued to build.
The proportion of homes being sold after being put up for auction last week in the state and territory capitals was 71.0 per cent, compared with 67.3 per cent in the same week of last year, according to figures on Monday from CoreLogic RP Data.
The previous week's clearance rate of 59.4 per cent was low, but hardly unusual for late January - the clearance rate for the corresponding same week of last year was exactly the same.
A big recovery in clearance rates is normal for this time of year, as buyers and sellers return from holidays.
And the latest rebound is as strong as any in recent years.
But despite the healthy-looking resurgence in clearance rates, an ominous imbalance of supply over demand is building up in some centres.
In Sydney, Perth and Darwin, the number of homes listed for sale is up from a year ago, by 11 or 12 per cent in each case.
And this is being reflected in price movements.
Last week, CoreLogic RP data released its widely-watched home value index results for all the capitals.
Prices in all capitals but Darwin and Perth were up from a year before, while in Sydney, the weight of supply on the market has slowed the annual growth rate to 10.5 per cent, from 18.4 per cent six months ago.
In fact, all of the latest annual price rise in Sydney was racked up in the first half - in the six months from July 2015 to January 2016, prices actually fell marginally.
The weekly report from CoreLogic RP Data on Monday updates the price movements for the mainland state capitals and shows the recent trends are continued in the first week of February.
Melbourne is still leading with an annual price rise of 11.0 per cent, Sydney has slowed further, to 10.2 per cent, while rises were smaller in Brisbane, where they averaged 3.7 per cent, and Adelaide, with only 0.7 per cent.
Perth - where there are more properties listed for sale than in Sydney - is continuing to suffer under the impact of the mining investment slowdown, with prices falling 3.7 per cent over the past year.