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Home values recover somewhat as selling days begin to shorten

12 March 2019 Tim Neary
Properties

Home values were marginally down in all but two capital cities last week, where they were up in one and level in the other, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.1 of a percentage point in the week ending 10 March.

Value fell slightly in Sydney, Melbourne and Adelaide, by just 0.1 of a percentage point. It was up by 0.1 of a percentage point in Brisbane and level in Perth, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.8 of a percentage point for the week. It fell by 8.2 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 10.5 per cent, 9.4 per cent and 7.1 per cent.

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Listings dropped across most capital cities for the week, with only Darwin and Adelaide remaining in the black, 8.8 per cent and 0.2 of a percentage point each, while Sydney fell sharply for the third week running, this time by 22.6 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 and Canberra faired best at 35 days; but Brisbane, Perth and Darwin were all in the 90 days-plus zone, at 90 days each for Brisbane and Perth and 91 days for Darwin.

For units, Hobart was the clear pack leader at 33 days, but Perth and Brisbane remained worryingly long at 107 days and 174 days, respectively.

Vendor discounting was between 6 per cent and 7.8 per cent for houses across most capital cities, and between 6.3 per cent and 7.4 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.7 per cent and 3.4 per cent, respectively.

Sydney and Perth were the high-end exceptions for houses at 8.4 per cent, while Perth alone was the high-end exception for units at 10.2 per cent.

Home values recover somewhat as selling days begin to shorten
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