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Home values climbed in all of but one of Australia’s capital cities last week, with only Perth bucking the trend as it remained unchanged week on week, according to the latest CoreLogic data.
Combined, the daily home value index grew 0.7 per cent in the week ending 16 July.
At 1.4 per cent, Melbourne’s gain was the highest, with Sydney, Brisbane and Adelaide following at 0.7 per cent, 0.2 per cent and 0.2 per cent respectively, CoreLogic’s Property Market Indicator data shows.
The monthly index was up 2.9 per cent for the week. It rose 11.2 per cent for the year. Sydney and Melbourne were the main drivers at 13.6 per cent and 16.8 per cent.
Listings remained divided across most of Australia’s capital cities last week. Canberra remained the highest mover at 33.6 per cent. Sydney and Darwin followed at 16.4 per cent and 13.6 per cent, with Melbourne and Hobart following at 10.8 per cent and 10.2 per cent respectively. Perth fell heavily again this week as it did last to -12.9 per cent.
Houses remained more popular than units and the average time for houses on market was largely steady in most capital cities. Melbourne fared the best at 29 days, followed by Sydney and Canberra at 31 days and Hobart at 35 days.
Sydney and Melbourne performed the best for units at 31 days each.
Vendor discounting was between 4.5 per cent and 6.1 per cent for houses across most capital cities, and between 4.5 per cent and 5.9 per cent for units.
Melbourne was the low-end exception for houses at 3.8 per cent and for units at 4.2 per cent.
Darwin was the high-end exception for both houses and units at 10.4 per cent and 14.7 per cent respectively.
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