The contrasting price performance fits with a recent divergence in auction clearance rates between the two cities with Melbourne continuing to outperform Sydney since the middle of the year. Prices in Brisbane, Adelaide and Perth were unchanged over the week. Over the past four weeks, price growth nationwide has also stalled with a 0.4% decline in Sydney offset by a 0.5% gain in Melbourne.
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. According to CoreLogic, prices across Australia’s five mainland state capitals were unchanged again last week in average weighted terms, mirroring the result one week earlier. By individual capital, prices in Sydney fell by 0.1%, offsetting a 0.2% gain in Melbourne.
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