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Home values fall in all but one capital city

14 May 2019 Tim Neary

Home values fell in all but one capital city 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 12 May.

Value held steady in Adelaide, but fell by 0.4 of a percentage point in Sydney, 0.2 of a percentage point in Brisbane and Perth, and 0.1 of a percentage point in Melbourne, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.6 of a percentage point for the week. It fell by 8.9 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 11.2 per cent, 10.0 per cent and 8.4 per cent.

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Listings dropped across all capital cities for the week. Both Sydney and Melbourne felt the sharpest falls at 35.0 per cent and 32.9 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 faired best at 41 days; but Brisbane, Perth and Darwin blew out, at 71 days, 77 days and 90 days, respectively.

For units, Hobart was also best at 34 days, while Perth and Darwin faired less well at 89 days and 81 days each.

Vendor discounting was between 5.0 per cent and 7.8 per cent for houses across most capital cities, and between 5.4 per cent and 7.0 per cent for units.

Canberra was the low-end exception for houses at 4.0 per cent, and for units it was Hobart at 4.2 per cent.

Darwin was the high-end exception for houses at 10.3 per cent, while Darwin was the high-end exception for units at 12.6 per cent.

Home values fall in all but one capital city
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