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Home values remained relatively stable across Australia’s capital cities last week, with Sydney and Melbourne showing slight increases but all the other cities recording drops, according to the latest CoreLogic data.
At 0.0 per cent, the daily home value index neither climbed nor fell in the week ending 26 March.
Only Sydney and Melbourne moved up, 0.3 per cent and 0.1 per cent respectively. Their slight rises were offset by falls in Perth, Brisbane and Adelaide, by 0.5 per cent, 0.4 per cent and 0.1 per cent respectively, CoreLogic’s Property Market Indicator data shows.
However, the monthly index was up by 1.8 per cent, and it rose 13.1 per cent for the year. As they were in the week prior, Sydney and Melbourne are the drivers here at 19.6 per cent and 15.5 per cent respectively.
Most capital cities reported increases in listings in the week under review. At 22.1 per cent, Canberra’s growth was the highest again. Hobart, Melbourne and Sydney followed at 13.1 per cent, 11.8 per cent and 14.3 per cent respectively. Brisbane and Perth were the biggest losers at 9.9 per cent and 6.0 per cent respectively.
Houses remained more popular than units, and the average time for houses on market reduced in most capital cities. Sydney and Canberra fared the best at 26 days each, followed by Melbourne at 28 days.
Sydney performed the best for units at 26 days, followed by Melbourne at 29 days. Hobart and Canberra were not far behind at 34 and 36 average days on market respectively.
Vendor discounting was between 4.0 per cent and 5.4 per cent for houses across most capital cities, and between 4.3 per cent and 6.0 per cent for units.
Canberra was the low-end exception again, for houses at 2.2 per cent and for units at 3.7 per cent.
Perth was the high side exception for houses at 7.2 per cent, while Darwin, at 14.0 per cent, was on the high side for units.
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