Signs of the weakening market continued to show as the latest CoreLogic report revealed that home prices trended lower the previous week, down .1% across the country’s biggest capitals, as reported by Business Insider Australia.
At the forefront of the drop was Melbourne and Brisbane, which declined by 0.2% and 0.1%, respectively. Sydney, meanwhile, saw its market remaining flat week-on-week for the first time since the beginning of June. Similarly, prices in both Adelaide and Perth remained unchanged.
Notably, the report also highlighted that for the fourth straight week and fifth week out of the last six, Melbourne headlined the declines in major markets.
In annual terms, price changes for Victoria’s capital’s market have dropped from an increase of 0.2% to a decrease of 1.4% over that six-week period. On the other hand, Sydney market’s annual price drops remained at 5.6% last week.
The abovementioned price results across key markets corresponded to the less successful auctions recorded the prior week.
“Preliminary data from CoreLogic showed 868 properties went to auction in Melbourne over the weekend, returning a clearance rate of 55.7% (down from 61.3%).”
“Sydney’s preliminary clearance rate was 56.5% on 572 auctions, down from 59.1% last week.”
