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Melbourne and Perth pushing home values higher 

14 March 2017 Reporter

Home values moved upward again last week across all of Australia’s capital cities, with Melbourne and Perth leading the charge, according to the latest CoreLogic data.

The daily home value index climbed 0.7 per cent in the week ending 12 March.

All capital cities moved up this week, led by Melbourne and Perth at 1.2 per cent each, with Sydney, Adelaide and Brisbane following at 0.5 per cent, 0.4 per cent and 0.1 per cent respectively, CoreLogic’s Property Market Indicator data shows.

The monthly index was up as well, by 2.3 per cent. It rose 12.2 per cent for the year, with Sydney and Melbourne still the main drivers at 18.5 per cent and 14.2 per cent respectively.

All of Australia’s capital cities reported increases in listings in the week under review. At 48.8 per cent, Canberra’s growth was the highest. Hobart and Melbourne were not far behind at 35.1 per cent and 22.7 per cent respectively. Adelaide, Perth and Darwin reported reversals in their fortunes from the week prior to increases of 4.9 per cent, 19.5 per cent and 11.0 per cent respectively. 

Houses remained more popular than units, and the average time for houses on market reduced in most capital cities. Sydney fared the best at 26 days, followed by Melbourne at 28 days.

Sydney performed the best for units at 25 days, followed by Melbourne at 29 days. Hobart was not far behind at 34 average days on market.

Vendor discounting was between 3.8 per cent and 5.7 per cent for houses across most capital cities, and between 4.2 per cent and 6.2 per cent for units.

Canberra was the exception again, on the low end for houses at 2.5 per cent and around for units, at 3.9 per cent.

Perth and Darwin were on the high side, with houses at 7.1 per cent and 7.3 per cent respectively, and at 8.6 per cent and 10.0 per cent for units respectively.

Melbourne and Perth pushing home values higher 
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