Garry Shilson-Josling, AAP Economist
(Australian Associated Press)
Housing prices rose about 0.8 per cent in September, even though auction clearance rates are lower than this time last year, according to preliminary estimates from CoreLogic RP Data.
The housing market analytics firm’s final hedonic home value index for September will be published on Thursday.
A hedonic price index adjusts the raw data to take account of the characteristics of individual homes, like size and quality.
But, while The number of homes being listed for sale and put up for auction has been rising more rapidly than last spring, clearance rates at auction have been tracking lower, CoreLogic RP Data head of research Tim Lawless said in a commentary on the estimates.
The rise implied by the data for September so far show prices rising at twice the August pace of 0.4 per cent.
“The early results for the end of month indices is showing Sydney dwelling values remained flat over the month, with the majority of capital gains being driven by Melbourne where dwelling values have moved 2.3 per cent higher over the first 29 days of the month,” Mr Lawless said.