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Home values fell in all but one of Australia’s capital cities last week, with only Perth recording an increase, according to the latest CoreLogic data.
The daily home value index dropped 0.2 per cent in the week ending 30 April.
Sydney, Melbourne, Brisbane and Adelaide fell 0.1 per cent, 1.5 per cent, 0.2 per cent and 0.6 per cent respectively, while Perth lifted 0.2 per cent, CoreLogic’s Property Market Indicator data shows.
The monthly index was up 0.1 per cent for the week. It rose 11.2 per cent for the year. As usual, Sydney and Melbourne are the drivers at 16.0 per cent and 15.3 per cent respectively.
Most capital cities reported decreases in listings. At -24.1 per cent, Darwin’s dip was the highest. Brisbane and Perth followed at -15.3 per cent and -15.2 per cent respectively. Canberra was the biggest gainer, up 21.5 per cent.
Houses remained more popular than units and the average time for houses on market reduced in most capital cities. Melbourne and Canberra fared the best at 29 days and 26 days respectively, followed by Sydney at 27 days.
Sydney performed the best for units at 27 days, followed by Melbourne at 30 days. Hobart wasn’t far behind at 35 average days on market.
Vendor discounting was between 3.5 per cent and 5.3 per cent for houses across most capital cities, and between 4.2 per cent and 5.6 per cent for units.
Canberra was the low-end exception again, with houses at 3.1 per cent and units at 2.7 per cent.
Darwin was the high-side exception for both houses and units at 9.1 per cent and 11.0 per cent respectively.
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