House prices continue to rise strongly in Melbourne and Sydney despite a slowdown in auction clearance rates among the major capital cities.
Sydney, Melbourne, Brisbane and Perth all recorded a rise in home values in the week ending July 2, while Adelaide's house prices fell 0.2 per cent, data from property analytics firm CoreLogic shows.
Over the past year, Adelaide's house prices went up 2.5 per cent while Sydney, Melbourne and Brisbane rose 12.6 per cent, 14.1 per cent and 3.4 per cent, respectively, and Perth was down 1.8 per cent.
Auction clearance rates have been trending lower since peaking at 78.4 per cent in February, with the latest rate being 70.3 per cent.
The number of homes up for auction was also lower in the past week with just under 2,000 homes going under the hammer across the five major capital cities compared to 2,355 in the prior week.
However, it is significantly higher than the same time last year (866 auctions) which was impacted by the federal election.
