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Home values continue to cool but selling days begin to shorten

26 March 2019 Tim Neary

Home values slipped mostly around the country, but held steady in one capital city, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 24 March.

Value fell in Sydney, Melbourne, Brisbane and Perth by 0.2 of a percentage point, 0.1 of a percentage point, 0.3 of a percentage point and 0.4 of a percentage point, respectively, and remained even in Adelaide, 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 8.6 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 10.9 per cent, 9.7 per cent and 7.7 per cent.

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Listings dropped across most capital cities for the week, with only Darwin remaining in the black, at 18.4 per cent. Sydney and Perth fell sharply, at 17.9 per cent and 13.3 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 33 days and 36 days, respectively, but Perth remained in the 90 days-plus zone at 93 days.

For units, Hobart and Melbourne were the top performers at 28 and 35 days, respectively, but Perth remained blown out at 104 days.

Vendor discounting was between 5.6 per cent and 7.7 per cent for houses across most capital cities, and between 6.2 per cent and 7.8 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.3 per cent and 3.4 per cent, respectively.

Perth was the high-end exception for houses at 8.5 per cent, while Darwin was the high-end exception for units at 13.3 per cent.

Home values continue to cool but selling days begin to shorten
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