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Home values fell heavily in all but two of Australia’s capital cities last week, with only Adelaide and Brisbane recording slight increases, according to the latest CoreLogic data.
Combined, the daily home value index fell a full 0.5 per cent in the week ending 21 May.
At 1.0 per cent, Melbourne’s decline was the heaviest, and Sydney and Perth followed at 0.4 per cent and 0.1 per cent respectively. Adelaide was up 0.6 per cent and Brisbane lifted a slight 0.1 per cent, CoreLogic’s Property Market Indicator data shows.
The monthly index was down 1.1 per cent for the week. It rose 8.4 per cent for the year. As usual, Sydney and Melbourne were the drivers at 11.0 per cent and 12.0 per cent respectively.
Listings were up across most of Australia’s capital cities last week. At 18.6 per cent, Darwin’s romp continued. It was joined by Sydney, Canberra and Melbourne at 18.3 per cent, 11.2 per cent and 6.4 per cent respectively. Adelaide and Perth ended the week both in negative territory at -1.3 per cent and – 5.1 per cent respectively.
Houses remained more popular than units and the average time for houses on market dropped in most capital cities. Sydney fared the best at 29 days, followed by Melbourne and Canberra at 30 days each.
Sydney performed the best for units at 29 days, followed by Melbourne at 31 days. Hobart wasn’t far behind at 35 average days on market.
Vendor discounting was between 3.6 per cent and 5.2 per cent for houses across most capital cities, and between 4.0 per cent and 5.3 per cent for units.
Canberra was the low-end exception again, at 2.8 per cent for both houses and units.
Perth was the high-side exception for both houses and units at 7.7 per cent and 8.5 per cent respectively.
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