Learn To Invest
Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn
About

News

Sydney's housing market continues to slow

Simone Ziaziaris  |  24 Jul 2017Text size  Decrease  Increase  |  

Page 1 of 1

SYDNEY - [AAP] Sydney's housing market is continuing to slow with the monthly growth in the price of a home down 1 per cent, latest auction figures show.

The Harbour City's home prices were flat in the week to July 23, but over the month the growth in prices slowed from 3.1 per cent to 2.1 per cent, according to data from property analytics firm CoreLogic.

Home prices in Melbourne also held steady in the week after climbing for three consecutive weeks, while Adelaide prices were up 0.5 per cent, but both Brisbane and Perth's home values fell, by 0.6 per cent and 0.2 per cent, respectively.

Melbourne's monthly growth also slipped, to 4.2 per cent from 5.0 per cent the previous week.

The median Sydney house price is now $920,000, while in Melbourne it is $690,000.

Despite both Sydney and Melbourne's fall, overall monthly growth across Australia's capital cities was up 2.2 per cent.

Overall auction volumes across all capital cities were higher, week-on-week--with 1,712 properties going under the hammer in the seven days to Sunday compared to 1,627 the previous week.

Melbourne sold 537 houses while Sydney sold 361 homes.

The CoreLogic report, released on Monday, said Melbourne's market had continued to show some resilience to softer conditions, with the number of homes actually selling at auction remaining well above 70 per cent since July 2016, while Sydney had been tracking below the 70 per cent over the past six weeks.

 

AAP logo image

© [2017] Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.