Home values fall across most major cities

Home values fall across most major cities

Home values fall across most major cities
by Tim Neary 0 comments

Home values fell across most capital cities last week and remained level in others, according to the latest CoreLogic data.

Combined, the daily home value index fell in the week ending 12 November.

Sydney and Perth both fell by 0.2 per cent while Adelaide fell by 0.1 per cent, and Melbourne and Brisbane both remained unchanged, CoreLogic’s Property Market Indicator data showed.

The monthly index fell by 0.2 per cent for the week. It rose by 6.4 per cent for the year. Sydney and Melbourne remained the main drivers at 6.7 per cent and 10.5 per cent, respectively, with Adelaide chipping in again at 4.1 per cent.

Listings fell across most capital cities, with Hobart and Darwin experiencing the largest drops at 9.8 per cent and 19.1 per cent. Canberra was the biggest climber at 14 per cent.

Houses remained more popular than units, and the average time for houses on market shortened again, albeit marginally, last week, with Canberra, Melbourne and Sydney performing best at 24 days, 29 days and 29 days, respectively.

Perth and Darwin performed worst at 73 days and 82 days each.

Vendor discounting across most capital cities was between 4.1 per cent and 7.1 per cent for houses, and between 4.9 per cent and 7.7 per cent for units.

Canberra was the low-end exception for both houses and units at 1.7 per cent and 4.2 per cent, respectively.

Darwin was the high-end exception for both houses and units at 9.2 per cent and 11.9 per cent, respectively.

Home values fall across most major cities
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