The Sydney housing market seemed to be losing some steam after five solid views of capital gains of pushed home values seventy-five percent higher.
Dwelling values were flat over the three months ending May 2017 with a 0.7 percent rise in house failures of setting a 3.2 percent fall in unit values.
Auction clearance rates have been trending lower with preliminary numbers for the second week of June, indicating Sydney’s clearance rate fell below 70 percent for the first time since March 2016.
Listing numbers are now higher than a year ago, providing buyers with more choice and a little bit less urgency in their decision making.
Overall the negative May index results from CoreLogic come to the time of seasonal weakness, which may imply that calling a peak in the housing market is premature.
But it’s becoming increasingly clear that some of the heat has left the Sydney marketplace and to a lesser extent Melbourne.
The number of residential properties advertised for sale has started to edge higher across some cities, with Sydney in particular seeing a surge in newly advertised stock, up 15% compared with last year, while total advertised listings are now 6.3% higher than a year ago.
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