Money Sydney house prices continued to fall in early November

11:38  06 november  2017
11:38  06 november  2017 Source:   Business Insider Australia

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Despite a modest bounce in its preliminary clearance rate in early November , weakness in Sydney continued to drag down the national average with prices in Australia’s largest and most expensive housing market falling 0.1% over the week.

Home bucks trend on big auction day On Saturday Domain attended the auction of late Olympic rower Ernie Chapman. Sydney house prices fall in November : report. It was the first time in 2015 that housing credit grew less than 10 per cent compared to the year earlier .

  Sydney house prices continued to fall in early November © AAP Image Australian house price growth continues to stall, maintaining the trend seen in October.

According to CoreLogic, house prices across Australia's five mainland state capitals were unchanged last week in average weighted terms, leaving the decline over the past four week's at 0.1%.

a screenshot of a cell phone© Provided by Business Insider Inc Despite a modest bounce in its preliminary clearance rate in early November, weakness in Sydney continued to drag down the national average with prices in Australia's largest and most expensive housing market falling 0.1% over the week.

The soft result in Sydney offset a 0.1% increase in Melbourne and Perth and unchanged readings in Brisbane and Adelaide.

Sydney is leading what looks like a slowdown in the Australian housing market

  Sydney is leading what looks like a slowdown in the Australian housing market October was another soft month for Australian house prices, continuing the trend seen in August and September.&nbsp;October was another soft month for Australian house prices, continuing the trend seen in August and September.

Supply is tight and rents have continued to rise for the March quarter. CoreLogic's figures for the first 27 days of April show Sydney house prices have fallen 0.1 per Brisbane Times. Premier confirms November 25 poll date. 'Chaotic' inner-city traffic recovers after streets close for military parade.

RBA governor Glenn Stevens says Sydney house prices are 'exuberant'. "Although prices continued to rise rapidly in Sydney and, to a lesser extent, Melbourne, trends elsewhere were more varied," the RBA He also reiterated his view that the Australia dollar still had some way to fall .

a screenshot of a cell phone© Provided by Business Insider Inc Over the past four weeks, prices in Sydney have fallen by 0.5%, masking small gains in all other mainland state capitals over that period.

From a year earlier, house prices nationally grew by 6.8% in weighted terms, well off the double-digit levels seen earlier this year. That largely reflects recent weakness in Sydney and a slowdown in Melbourne's housing market.

While other factors have contributed to slowdown in Sydney's housing market, including tighter restrictions on local and foreign investor lending and affordability constraints, a sharp increase in stock available for sale also helps to explain why prices in the city are falling.

Sydney house prices just saw their biggest drop in 18 months -- and more falls are expected

  Sydney house prices just saw their biggest drop in 18 months -- and more falls are expected Australia's housing market is slowing down, led by its largest city, Sydney.&nbsp;Australia's housing market is slowing down, led by its largest city, Sydney.

“The authorities were right to take action earlier this year to restrict investing lending by banks. Failure to have taken action would have resulted in out-of-control Sydney and Melbourne housing markets, where additional aggressive monetary policy may well have triggered a large fall in dwelling prices in

Australian capital city house prices continued to weaken last week, according to data released by CoreLogic earlier today. After falling by 0.4% and 1% in the prior week, CoreLogic said prices declined by a further 0.1% and 0.5% in Sydney and Melbourne last week, extending the pullback

According to CoreLogic, there are currently 26,459 properties for sale in Sydney, up 19.9% on the same period a year ago. In comparison, stock levels in Melbourne, where prices continue to increase, have risen by just 0.9% over the same period.

In Hobart, home to the hottest price growth over the past year, property listings have slumped by 32.9% from early November last year.

This table from CoreLogic shows available stock levels across Australia's capital cities.

a screenshot of a cell phone© Provided by Business Insider Inc A new listing is deemed to be a property that has not been up for sale in the past six months.

Home auctions rise, but well down on 2016 .
Auction volumes increased across Australia's combined capital cities over the past week, as did resulting home sales, but at a much softer rate than last year.Property data group Corelogic's weekly property survey shows that the national auction clearance rate rose to 66.5 per cent, up from the adjusted 61.5 per cent in the prior week when the final figure was the lowest since early 2016, but well below the same time last year.

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