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Combined home values continue to climb across most capital cities, driven by Melbourne’s surge in property prices, according to the latest CoreLogic data.
The daily home value index climbed 0.5 per cent in the week ending 26 February.
Melbourne moved the most at 1.1 per cent, trailed by Sydney and Adelaide at 0.6 per cent and 0.3 per cent respectively. Both Perth and Brisbane fell, 0.5 per cent and 0.3 per cent respectively, CoreLogic’s Property Market Indicator data shows.
The monthly index remained steady week-on-week at 1.1 per cent. It rose 11.5 per cent for the year, with Sydney and Melbourne still the main drivers at 18.2 per cent and 12.3 per cent respectively.
Most capital cities reported a drop in new listings. At -28.5 per cent, Darwin fared the worst again. Canberra bucked the trend, reporting an impressive 34.0 per cent increase in listings.
Houses remained more popular than units. The average time for houses on market reduced in all capital cities, with Canberra faring the best at 28 days, followed by Sydney at 29 days and Melbourne at 30 days.
Sydney performed the best for units at 26 days, followed by Hobart at 32 days. Melbourne improved again week-on-week, at 36 average days on market from 56 days the week prior.
Vendor discounting was between 4.1 per cent and 5.5 per cent for houses in most capital cities, and between 3.1 per cent and 6.1 per cent for units.
Canberra was the exception again on the low end, at 2.7 per cent for houses. It was also the low-end exception for units at 3.1 per cent.
Perth and Darwin were on the high side for houses at 7.8 per cent and 7.1 per cent respectively, and at 9.6 per cent and 10.9 per cent respectively for units.
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