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Capital city value holding firm for the most part

12 June 2019 Tim Neary

Home values held their own this week, unchanged in three capital cities and falling marginally in just two, according to the latest CoreLogic data.

Combined, the daily home value index remained unchanged in the week ending 26 May.

Value held firm in Sydney, Melbourne and Adelaide, and fell in Brisbane and Perth by 0.1 of a percentage point and 0.3 of a percentage point, respectively, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.2 of a percentage point for the week. It fell by 8.7 per cent for the year. Sydney and Melbourne remained the main drivers of the 12-month change, at -10.6 per cent and -9.8 per cent.

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Listings dropped across many capital cities for the week, but Adelaide, Hobart and Darwin all recorded steady increases. Darwin and Hobart were the biggest gainers at 9.3 per cent each.

Houses remained more popular than units, and the average time for houses on market began to come down in most capital cities. Hobart faired best at 38 days, and both Sydney and Melbourne recovered to 49 days and 45 days, respectively.

For units, Melbourne was best at 42 days, and Sydney and Melbourne recovered to 53 days and 42 days, respectively.

Vendor discounting was between 5.2 per cent and 7.9 per cent for houses across most capital cities, and between 5.5 per cent and 7.0 per cent for units.

Canberra was the low-end exception for both houses and units, at 4.2 per cent 4.4 per cent, respectively.

Darwin was the high-end exception for both houses and units, at 9.5 per cent and 11.5 per cent, respectively.

Capital city value holding firm for the most part
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