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Home values fell in all but two of Australia’s capital cities last week, with only Melbourne and Perth recording increases, according to the latest CoreLogic data.
Combined, the daily home value index fell 0.1 per cent in the week ending 11 June.
At 1.0 per cent, Adelaide’s drop was the biggest, and Sydney and Brisbane followed at 0.2 per cent and 0.3 per cent respectively. Perth was up 0.8 per cent and Melbourne lifted marginally by 0.1 per cent, CoreLogic’s Property Market Indicator data shows.
The monthly index was down 0.5 per cent for the week. It rose 9.0 per cent for the year. As usual, Sydney and Melbourne were the drivers at 11.4 per cent and 11.9 per cent respectively.
Listings were divided across most of Australia’s capital cities last week. At 9.8 per cent, Canberra was the highest mover. It was joined by Sydney, Darwin and Melbourne at 7.3 per cent, 6.6 per cent and 2.2 per cent respectively. Perth, Brisbane, Hobart and Adelaide all ended the week in negative territory at -16.7 per cent, -6.4 per cent, -4.3 per cent and -2.6 per cent respectively.
Houses remained more popular than units and the average time for houses on market dropped in most capital cities. Sydney and Canberra fared the best at 27 days each, followed by Melbourne at 29 days each.
Sydney performed the best for units at 28 days, followed by Melbourne at 30 days.
Vendor discounting was between 3.9 per cent and 4.5 per cent for houses across most capital cities, and between 4.2 per cent and 5.4 per cent for units.
Canberra was the low-end exception again, at 2.9 per cent for houses and 3.7 per cent for units.
Darwin was the high-side exception, at 10.1 per cent for houses and 11.1 per cent for units.
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