In its weekly update the ANZ Bank reports home prices have edged higher in the past week.
The report indicates that prices are increasing in all capital cities in seasonally adjusted terms.
Here’s what they said:
Price growth remains subdued in trend terms, reflecting soft price growth in recent weeks, with momentum pointing to weaker home price growth in 2015.
In addition to weaker housing market momentum, soft consumer confidence and potential downside economic risks are likely to weigh on home buyer sentiment in the early months of 2015.
Despite softer price growth, the depth of home buyer demand is holding up well on strong auction levels, with auction clearance rates reflecting solid underlying housing market fundamentals and relatively optimistic home buyer sentiment.
Auction sales in recent weeks reflect strong underlying housing demand with cleared auctions at or near record highs in most capital cities.
Looking ahead, auction clearance rates are likely to remain elevated in early 2015, particularly in Sydney and Melbourne, pointing to moderate home price growth in the coming months.
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