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Home values let off a little steam last week, after having stabilised earlier, especially in the two marquee cities, according to the latest CoreLogic data.
Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 7 April.
Value fell by 0.3 of a percentage point in Melbourne and by 0.2 of a percentage point in Sydney, while it dipped by 0.1 of a percentage point in both Brisbane and Perth and treaded water in Adelaide, CoreLogic’s Property Market Indicator data showed.
The monthly index was down by 0.7 of a percentage point for the week. It fell by 8.7 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 11.0 per cent, 10.0 per cent and 7.9 per cent.
Listings dropped across some capital cities for the week, and lifted in others. In Adelaide, they were up by 11.5 per cent, and in Hobart, they rose by 11.9 per cent.
Sydney fell by 16.7 per cent and Melbourne was down by 15.5 per cent.
Houses remained more popular than units, and the average time for houses on market continued to shorten in most capital cities. Hobart faired best at 35 days, closely followed by Melbourne at 39 days.
For units, Hobart was at 28 days, with Melbourne not far behind at 36 days. Perth remained slow at 100 days.
Vendor discounting was between 5.4 per cent and 7.7 per cent for houses across most capital cities, and between 6.2 per cent and 7.0 per cent for units.
Canberra was the low-end exception for both houses and units, at 3.4 per cent for houses and 3.3 per cent for units.
Perth was the high-end exception for houses at 9.0 per cent, while Darwin was the high-end exception for units at 17.0 per cent.
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