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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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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.

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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“NAB’s view for 2018 now has a small fall in house prices in 2018,” says Alan Oster, chief economist at the NAB. “This is largely related to continuing weakness in the Sydney market and a softer Melbourne market with little improvement now expected during 2018.”

Sydney house prices fell by 4.5% in the 12 months to the end of June for their largest annual drop since 2008. Hobart, meanwhile, delivered the strongest annual house price growth of all capital cities at 15.9%, continuing its trend of double-digit annual growth that started in early 2017.

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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Australian capital city house prices continued to weaken last week, according to data released by CoreLogic earlier today. After falling by 0.4% and 1% in the prior week, CoreLogic said prices declined by a further 0.1% and 0.5% in Sydney and Melbourne last week, extending the pullback

The monthly falls in Sydney and Melbourne in February, of 0.6 per cent and 0.1 per cent respectively, were more moderate than price falls seen in January. “Overall the housing market has continued to see soft conditions resulting in some slippage in housing values.”

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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