Home prices have remained predominately unchanged in the past week, the ANZ Bank reports.
The report indicates that auction clearance rates are becoming more stable, which is a good indicator for home price growth.
Here’s what they said:
Home prices remained broadly unchanged in the past week, with Brisbane and Perth the only capital cities to post positive price growth in seasonally adjusted terms.
In trend terms price growth continued to soften in the week, with momentum pointing to moderation in home price growth in 2015.
See last week’s Economic Insight – Australia for a more detailed 2015 housing market outlook.
Looking through the weekly volatility, home price momentum is divergent across capital cities.
In trend terms price growth is positive in Sydney, Melbourne and Brisbane, while prices are moderately lower in Adelaide and Perth.
The depth of home buyer demand is holding up well on strong auction levels, with auction clearance rates reflecting buoyant home buyer sentiment.
Auction sales and price data in recent weeks reflect strong underlying housing demand and softer price growth expectations.
Looking ahead, auction clearance rates have stabilised around 68-69%, pointing to steady home price growth in the coming months.
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