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Home value drop in all but two capital cities

12 February 2019 Tim Neary
Home values

Home values fell last week in all but two capital cities, where they remained flat, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 10 February.

Value fell in Sydney, Melbourne and Perth by 0.2 of a percentage point, 0.3 of a percentage point and 0.4 of a percentage point, respectively, and it remained flat in both Brisbane and Adelaide, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 1.0 per cent for the week. It fell by 7.5 per cent for the year. Sydney, Melbourne and Perth are the main drivers at 9.9 per cent, 8.7 per cent and 6.1 per cent.

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Listings dropped across most capital cities for the week, with only Hobart and Darwin remaining in the black. Hobart climbed by 11.7 per cent, but Sydney fell sharply by 22.2 per cent.

Houses remained more popular than units, and the average time for houses on market continued to remain high in most capital cities. Hobart faired best at 47 days, but Sydney, Brisbane, Perth and Darwin were all in the 80 days-plus zone at 80 days, 83 days, 86 days and 84 days, respectively.

For units, Hobart recorded a neat 34 days, but Perth and Brisbane were worrying at 93 days and 99 days each.

Vendor discounting was between 5.8 per cent and 6.4 per cent for houses across most capital cities, and between 6.0 per cent and 7.1 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.8 per cent and 3.7 per cent, respectively.

Sydney was the high-end exception for houses at 8.7 per cent, while Perth was the high-end exception for units at 9.6 per cent.

Home value drop in all but two capital cities
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