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Home values fell in all but two of Australia’s capital cities last week, with only Melbourne and Brisbane recording increases, according to the latest CoreLogic data.
Combined, the daily home value index remained unchanged in the week ending 7 May.
Sydney, Adelaide and Perth fell 0.3 per cent, 0.2 per cent and 0.1 per cent respectively, while Melbourne and Brisbane lifted 0.3 per cent and 0.5 per cent respectively, CoreLogic’s Property Market Indicator data shows.
The monthly index was down 0.1 per cent for the week. It rose 10.2 per cent for the year. As usual, Sydney and Melbourne are the drivers at 13.6 per cent and 14.7 per cent respectively.
Most capital cities reported decreases in listings. At -20.6 per cent, Darwin’s dip was the highest. Brisbane and Perth followed at -11.4 per cent and -0.6 per cent respectively.
Canberra had the biggest gain, up 16.1 per cent.
Houses remained more popular than units and the average time for houses on market dropped in most capital cities. Sydney and Canberra fared the best at 28 days each, followed by Melbourne at 30 days.
Sydney performed the best for units at 28 days, followed by Melbourne at 31 days. Hobart wasn’t far behind at 37 average days on market.
Vendor discounting was between 3.0 per cent and 5.2 per cent for houses across most capital cities, and between 3.8 per cent and 6.3 per cent for units.
Canberra was the low-end exception again, with houses at 3.0 per cent and units at 2.8 per cent.
Darwin was the high-side exception for both houses and units at 8.7 per cent and 10.2 per cent respectively.
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