Property prices around Australia's capital cities have remained flat over the past month and are now showing a drop of more than one per cent on average so far in 2018 due to continuing weakness in the key Sydney market.
Sydney, Melbourne, Brisbane, Adelaide and Perth's average home values have now been flat for two weeks, after having fallen by a slim 0.1 per cent in the prior fortnight, latest figures from property data group CoreLogic show.
Compared to a year ago, Sydney's home values are now down three per cent, with Perth also lower - down 2.5 per cent.
Elsewhere around the country prices are edging higher - with Melbourne up 4.3 per cent, Brisbane 1.1 per cent higher and Adelaide up 1.2 per cent.
Auction activity remains subdued - with 63.1 per cent of the 1,746 capital city homes that went under the hammer in the week to April 22 selling.
The number is an improvement on the previous week, which recorded a year-low clearance rate of 61.7 per cent but sales are still weaker compared to a year ago when 69.8 per cent of 1,751 homes up for auction were sold.
Melbourne had 905 auctions last week with a clearance rate of 63.8 per cent, while Sydney - which is in the middle of the NSW school holidays - had 551 auctions with a 66.4 per cent clearance rate.
PRIVATE TREATY MEDIAN PRICES:
Sydney - house $947,500, unit $700,000
Melbourne - house $730,000, unit $550,000
Brisbane - house $535,000, unit $375,000
Adelaide - house $444,000, unit $318,000
Perth - house $500,000, unit $395,000
Hobart - house $415,000, unit $345,000
Darwin - house $483,008, unit $355,000
Canberra - house $665,500, unit $423,500
Source: CoreLogic
