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Money Sydney house prices continued to fall in early November

11:38  06 november  2017
11:38  06 november  2017 Source:   businessinsider.com.au

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Australian house price growth continues to stall, maintaining the trend seen in October. According to CoreLogic, house prices across Australia’s five mainland state Over the past four weeks, prices in Sydney have fallen by 0.5%, masking small gains in all other mainland state capitals over that period.

Sydney home prices continued to fall in early April, continuing the trend seen in recent months. According to CoreLogic, prices in Australia’s largest and most expensive housing market fell by 0.1% in the first full week of April which, along with flat performances from Melbourne and Brisbane, saw

  Sydney house prices continued to fall in early November © AAP Image Australian house price growth continues to stall, maintaining the trend seen in October.

According to CoreLogic, house prices across Australia's five mainland state capitals were unchanged last week in average weighted terms, leaving the decline over the past four week's at 0.1%.

a screenshot of a cell phone© Provided by Business Insider Inc Despite a modest bounce in its preliminary clearance rate in early November, weakness in Sydney continued to drag down the national average with prices in Australia's largest and most expensive housing market falling 0.1% over the week.

The soft result in Sydney offset a 0.1% increase in Melbourne and Perth and unchanged readings in Brisbane and Adelaide.

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Australian capital city house prices continued to weaken last week, according to data released by Certainly recent auction clearance rates don't point to much of a slowdown in Sydney and Melbourne, with CoreLogic reporting preliminary rates of 76.2% and 77.3% respectively last week.

Australian house prices inched higher in September, providing further evidence that housing CoreLogic said that prices in the city continued to be supported by strong auction clearance rates At 0.2%, the quarterly increase was also the weakest since prices went backwards in early 2016.

a screenshot of a cell phone© Provided by Business Insider Inc Over the past four weeks, prices in Sydney have fallen by 0.5%, masking small gains in all other mainland state capitals over that period.

From a year earlier, house prices nationally grew by 6.8% in weighted terms, well off the double-digit levels seen earlier this year. That largely reflects recent weakness in Sydney and a slowdown in Melbourne's housing market.

While other factors have contributed to slowdown in Sydney's housing market, including tighter restrictions on local and foreign investor lending and affordability constraints, a sharp increase in stock available for sale also helps to explain why prices in the city are falling.

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Annual price falls in Sydney have now reached 5.5%. Australian home prices dipped again at the start of August, after monthly data showed As the downturn in Australia’s major east coast housing markets becomes more entrenched, prices in Sydney have now fallen by 5.5% in annual terms.

Australian house prices went backwards last week, driven lower by continued weakness in Sydney , Australia’s most expensive and largest property market. Based on the early evidence, it looks like prices in Sydney may fall for a third consecutive month in November , building upon those reported

According to CoreLogic, there are currently 26,459 properties for sale in Sydney, up 19.9% on the same period a year ago. In comparison, stock levels in Melbourne, where prices continue to increase, have risen by just 0.9% over the same period.

In Hobart, home to the hottest price growth over the past year, property listings have slumped by 32.9% from early November last year.

This table from CoreLogic shows available stock levels across Australia's capital cities.

a screenshot of a cell phone© Provided by Business Insider Inc A new listing is deemed to be a property that has not been up for sale in the past six months.

Home auctions rise, but well down on 2016 .
Auction volumes increased across Australia's combined capital cities over the past week, as did resulting home sales, but at a much softer rate than last year.Property data group Corelogic's weekly property survey shows that the national auction clearance rate rose to 66.5 per cent, up from the adjusted 61.5 per cent in the prior week when the final figure was the lowest since early 2016, but well below the same time last year.

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