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Home values climbed again last week across all but one of Australia’s capital cities, with Melbourne leading the charge, according to the latest CoreLogic data.
The daily home value index climbed 0.8 per cent in the week ending 5 March.
Melbourne, Sydney, Perth and Brisbane all moved up this week, 1.3 per cent, 0.8 per cent, 0.2 per cent and 0.1 per cent respectively, while Adelaide was the only capital city to record a loss, this time of 0.1 per cent, CoreLogic’s Property Market Indicator data shows.
The monthly index was up as well, by 1.8 per cent. It rose 12.0 per cent for the year, with Sydney and Melbourne still the main drivers at 18.7 per cent and 13.5 per cent respectively.
Last week only Adelaide, Perth and Darwin reported a drop in new listings. At -17.1 per cent, Darwin fared the worst again. Perth was down 7.8 per cent and Adelaide fell 5.5 per cent. Listings activity in Canberra continues to be the healthiest - 42.0 per cent up for the week under review.
Houses remained more popular than units, and the average time for houses on market reduced in most capital cities, with Sydney doing the best at 27 days, followed by Melbourne at 29 days.
Sydney performed the best for units at 25 days, followed by Melbourne at 29 days. Hobart was not far behind at 32 average days on market.
Vendor discounting was between 4.1 per cent and 5.3 per cent for houses across most capital cities, and between 4.0 per cent and 6.1 per cent for units.
Canberra was the exception again on the low end, at 2.9 per cent for houses, while Hobart was the low-end exception for units at 3.7 per cent.
Perth and Darwin were on the high side, with exceptions for houses at 7.4 per cent and 7.1 per cent respectively, and at 10.0 per cent and 9.4 per cent for units respectively.
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