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Sydney lifts capital home price average

AAP logoAAP 22/08/2016

The Sydney market lifted the average for housing prices in Australia's mainland state capitals, property market analytics firm Corelogic says.

The five-city average last week was up by 0.2 per cent on the week before.

That increase was driven entirely by a rise of 0.6 per cent in Sydney, where the auctions clearance rate hit an extraordinarily high 86.4 per cent, helped by a 21 per cent fall in the number of new listings compared with this time last year.

Elsewhere, prices were unchanged in Melbourne, and down by 0.1 per cent in Brisbane/Gold Coast, 0.2 per cent in Perth and 0.9 per cent in Adelaide.

Annual rises averaged 6.0 per cent, led by Sydney where prices were up by 9.0 per cent from a year ago, and Melbourne with annual price rises of 7.2 per cent.

Prices were up by 4.7 per cent from a year ago in Brisbane/Gold Coast and by 3.0 per cent in Adelaide, but were down by 6.7 per cent in Perth.

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