Home sales across Australia's capital cities have risen slightly in the past week, but the market remains soft and prices steady.
The national auction clearance rate rose to 69.4 per cent in the week to October 22, from a revised 67 per cent in the previous week, marking a 21st consecutive week with a clearance rate below 70 per cent, preliminary figures from property data group CoreLogic show.
There were 2,471 auctions held in Sydney, Melbourne, Brisbane, Adelaide, Perth, Tasmania and Canberra in the last week, down marginally from the 2,497 auctions held in the prior week.
Over the corresponding week last year, auction volumes were similar but the clearance rate was higher at 78.1 per cent.
"The trend towards softer auction market conditions has been led by the Sydney market where the final auction clearance rate has remained below 65 per cent since the first week of October," CoreLogic said.
Sydney's clearance rate has fallen from 82.6 per cent a year ago to a preliminary rate of 68.8 per cent in the week to October 22.
Tasmania, the smallest auction market, recorded the highest preliminary clearance rate of the five capital cities, with 80 per cent of the five reported auctions successful, followed by Melbourne's 73.3 per cent.
Brisbane and Perth had the lowest clearance rate, at 51.5 per cent and 50 per cent respectively.
Homes prices remained flat across the combined five capital cities, but fell 0.1 per cent on a weekly basis in both Sydney and Perth and rose 0.1 per cent in Melbourne.
On a monthly basis, home prices have risen 0.6 per cent in Melbourne, 0.3 per cent in Brisbane and 0.1 per cent in Perth, while Sydney's home prices have fallen 0.4 per cent.
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