What's the situation? Australia's house prices slowed down in September, Melbourne fell slightly
Despite the strong performance of the spring housing auction market, prices in Sydney and Melbourne have slowed significantly.
RP Data research analyst Tim Lawless said Sydney house prices increased 8% in August.
In September, it only increased by 9%, and the housing clearance rate was more than 0.8%.
In Melbourne, house prices rose by 8% in August, but fell in September, dropping by 0.8%. The clearance rate remained at an average level of 9%.
"It's unbelievable that the housing market in September remained stable," he said.
He also said that there is usually a strong correlation between house price growth and house clearance rates. Last week’s Reserve Bank’s report also mentioned that house auctions are the best way to measure housing price growth. "There is evidence that the appraised selling price of houses at auction can help predict private housing price trends."
Lawless said that quarterly data is more convincing than monthly data.
In the last quarter, house prices in Sydney rose by 4.1% and Melbourne prices rose by 3.1%.
In the first half of this year, new house prices rose by 5.2%, compared with 1.2% in Melbourne.
The national capitals averaged 0.1% and 2.9%.
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