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Auctions gain pace as property prices slow


Auction clearance rates have continued to improve but home values across Australia's five major capital cities have fallen.

Nearly 2,000 homes went under the hammer in the week to February 16 with 69.1 per cent finding a buyer - that compares to 1,490 auctions and a clearance rate of 63.7 per cent in the prior week, data from property research group CoreLogic shows.

Auction activity has been increasing as the market comes out of the Christmas holiday lull but volumes are rising at a slower pace than what was seen over the same period last year, when 2,291 homes were offered.

Home values continue to slow, with Sydney's prices off 0.8 per cent compared to a month ago - double that of the national average fall of 0.4 per cent.

Melbourne, Brisbane and Adelaide's house prices were down 0.2 per cent on a month ago, while Perth was down 0.3 per cent.

Compared to a year ago, Melbourne's values are up 7.3 per cent, well ahead of Sydney which only recorded a 0.1 per cent yearly rise.

Annual moves in the other states were a 1.9 per cent rise in Brisbane, a 2.3 per cent lift in Adelaide and a 2.8 per cent fall in Perth.

Around the capitals, median prices were:

Sydney: House -$835,000 Unit - $685,000

Melbourne: House - $691,500 Unit - $511,850

Brisbane: House - $532,000 Unit - $390,000

Adelaide: House - $439,500 Unit - $313,000

Perth: House - $515,000 Unit - $390,000 in Perth

Hobart: House - $440,000 Unit - $326,000

Darwin: House - $490,000 Unit - $350,000

Canberra: House - $647,500 Unit - $414,250