Home prices ease across capital cities

Prashant Mehra
(Australian Associated Press)

Home prices across Australia’s capital cities have again edged lower, in a sign the property boom has likely passed its peak, but auction clearance rates in Sydney and Melbourne have rebounded.

Latest auction result figures from property information group CoreLogic show that the number of auctions rose in the week to May 21, compared with the previous week.

There were 2,794 auctions across the five cities in the week, with a preliminary clearance rate of 77.2 per cent, compared to 2,409 auctions – based on final figures from a week earlier – and a clearance rate of 72.8 per cent.

Clearance rates rose in the country’s two largest auction markets, with Sydney at 80.7 per cent and Melbourne at 79.2 per cent, according to preliminary figures. Brisbane was the only city where clearance rates fell week-on-week.

However, the value of homes across Sydney, Melbourne, Brisbane, Adelaide and Perth fell by a collective 0.5 per cent for the week and 1.1 per cent for the month.

Prices fell one per cent in Melbourne, and 0.4 per cent in Sydney, while Adelaide reported a weekly rise of 0.6 per cent, according to CoreLogic.

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