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Value falls in all but one capital city

19 March 2019 Tim Neary
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Home values fell in all capital cities but one last week, where it remained level, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 17 March.

Value fell in Sydney, Melbourne, Brisbane and Adelaide, by 0.3 of a percentage point, 0.2 of a percentage point, 0.2 of a percentage point and 0.1 of a percentage point, respectively; and it remained unchanged in Perth, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.7 of a percentage point for the week. It fell by 8.4 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 10.7 per cent, 9.6 per cent and 7.3 per cent.

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Listings dropped across all capital cities for the week. Sydney, Melbourne and Perth took the biggest hits, falling by 20.9 per cent, 14.5 per cent and 15.9 per cent, respectively.

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 Perth remained in the 90 days-plus zone for houses, at 93 days. Brisbane and Darwin showed good form, recovering to 89 days and 54 days each, from 90 days and 91 days.

For units, Hobart was the clear pack leader at 28 days, but Perth and Brisbane remained worryingly long at 104 days and 114 days, respectively.

Vendor discounting was between 5.4 per cent and 7.7 per cent for houses across most capital cities, and between 6.4 per cent and 7.7 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.5 per cent and 3.2 per cent, respectively.

Sydney and Darwin were the high-end exceptions for houses at 8.2 per cent, while Perth alone was the high-end exception for units at 14.9 per cent.

Value falls in all but one capital city
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