(Australian Associated Press)
Auction clearance rates have significantly lifted over the past week across Australia’s capital cities, but values have stagnated.
More than 3,200 homes went under the hammer in the week to February 25 with 70.5 per cent finding a buyer, CoreLogic’s preliminary figures show.
That compares to 1,992 auctions and a clearance rate of 69.1 per cent the previous week, according to the data analytics firm’s revised or final figures.
But it is lower than 3,301 auctions and 78.4 per cent clearance rate for the same time in 2017.
Units outperformed the housing market, with 72.9 per cent of units and 69.5 per cent of houses selling over the past week.
Adelaide’s preliminary clearance rate was the highest, at 75.9 per cent, while Perth’s 52.6 per cent was the lowest.
Melbourne and Sydney both hit clearance rates of 71.7 per cent, with auction numbers lifting to 1,610 and 1,221, respectively.
But home prices stagnated with values in Sydney, Melbourne, Adelaide and Perth all flat and only Brisbane achieving a lift, of a mere 0.1 per cent, compared to the previous week.
Over the month, all cities saw home prices dropping with Sydney’s down the most, by 0.6 per cent while the other four main cities fell 0.1 per cent.
Compared to a year ago, Melbourne’s average home value led the pack, rising 6.9 per cent, well ahead of all other major cities, including Sydney, where values have dropped 0.3 per cent.
The average Perth value was also lower, down 2.7 per cent on a year ago.
Around the capitals, median prices were: