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Capital city home values continue to cool, but more slowly in the last week, CoreLogic’s latest weekly data reveals.
Melbourne fell by 0.4 of a percentage point, Sydney fell by 3 per cent and Adelaide fell by 0.1 of a percentage point, CoreLogic’s Property Market Indicator data shows.
Meanwhile, Brisbane and Perth held steady.
Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 25 November.
The monthly index was down by 0.8 of a percentage point for the week and down by 4.9 per cent for the year. Sydney, Melbourne and Perth were the main drivers with falls of 6.9 per cent, 5.4 per cent and 3.6 per cent.
Listings were up across most capital cities for the week, with Sydney, Melbourne and Brisbane the only capital cities to see declines. Sydney fell by 9.9 per cent, while Hobart and Darwin provided the lion’s share of growth again, rising by 19.4 per cent and 16.4 per cent, respectively.
Houses remained more popular than units, and the average time for houses on market rose again. The top performers were Canberra, Hobart and Melbourne once again at 27, 29 and 34 days each, while Darwin and Perth had the most days on market at 74 and 72 days, respectively.
Vendor discounting was between 4.5 per cent and 7.5 per cent for houses across most capital cities, and between 5.5 per cent and 10.6 per cent for units.
Canberra was the low-end exception for both houses and units, at 3.4 per cent and 3.3 per cent, respectively.
Darwin was the high-end exception for both houses and units, at 8.3 per cent and 14.7 per cent, respectively.
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