Sydney’s stellar run in the home price stakes shows no sign of abating, despite the other cities gaining some ground last week.
Figures for the week ending Sunday from CoreLogic RP Data show home price rises in Sydney are more than twice the pace of all the other mainland state capitals.
Sydney is the only capital boasting double-digit growth, with prices in the past 12 months up by 13.5 per cent.
Melbourne is next, with price rises averaging 6.7 per cent.
That’s a bit better than the 6.2 per cent annualised rise recorded the week before.
The other mainland capitals in the weekly roundup struggled to keep pace with consumer prices, with rises of 2.7 per cent in Brisbane, 2.7 per cent in Adelaide and just 1.7 per cent in Perth.
Perth and Adelaide were a little better than the previous week, but none could match the the national average of 7.9 per cent.
Auction clearance rates tell a similar story of Sydney performing better than the other cities.
An extraordinarily high 84.8 per cent of auctions monitored by CoreLogic RP Data ended with a sale in the Sydney market last week.
Most of the other capital cities were also strong: Melbourne’s clearance rate was 77.7 per cent last week, Adelaide 88.5 per cent and Perth was 77.8 per cent. Brisbane had the lowest clearance rate, at 50.9 per cent last week.
HOME PRICE WEEKLY MOVEMENTS:
Sydney: up 0.4pct
Melbourne: up 0.3pct
Brisbane: down 0.2pct
Adelaide: up 0.4pct
Perth: up 0.2pct 5
Capitals: up 0.3pct
HOME PRICE ANNUALISED MOVEMENTS:
Sydney: up 13.5pct
Melbourne: up 6.7pct
Brisbane: up 2.7pct
Adelaide: up 2.7pct
Perth: up 1.7pct 5
Capitals: up 7.9pct
Source: CoreLogic RP Data