Housing prices gain pace as auction listings increase across Australia’s capital cities

Auctions in Australia’s major cities will near 2,000 this week, or about 18% more than this time last year. Photograph: Bloomberg/Getty Images

Property price gains are picking up momentum in major cities as the number of homes listed for sale starts to lift from “extraordinary low levels”, data group CoreLogic says.

Up to the middle of May, home values in Sydney had risen 1.4% on a rolling four-week average from 1.3% at the end of April. For Brisbane, prices increased 1.1%, up from 0.3%. Perth values were up 1%, Adelaide 0.6% and Melbourne’s home prices rose 0.5%.