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Home values fell in all but two capital cities last week, where one rose marginally and the other one held its own, according to the latest CoreLogic data.
Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 5 May.
Value slipped in Sydney by 0.3 of a percentage point, and in Melbourne and Brisbane by 0.2 of a percentage point, after rising in Adelaide by 0.1 of a percentage point and holding firm in Perth, CoreLogic’s Property Market Indicator data showed.
The monthly index was down by 0.5 of a percentage point for the week. It fell by 8.8 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 10.9 per cent, 10.1 per cent and 8.3 per cent.
Listings dropped across all capital cities for the week. Both Sydney and Melbourne fell sharply at 33.6 per cent and 34.1 per cent.
Houses remained more popular than units, and the average time for houses on market continued to remain high in most capital cities. Hobart faired best at 40 days; but Brisbane, Perth and Darwin blew out, at 70 days, 79 days and 78 days, respectively.
For units, Hobart was best at 29 days, while Darwin was alarmingly long at 134 days.
Vendor discounting was between 5.0 per cent and 7.9 per cent for houses across most capital cities, and between 6.4 per cent and 8.3 per cent for units.
Canberra was the low-end exception for houses at 4.1 per cent, and for units it was Hobart at 3.9 per cent.
Darwin was the high-end exception for both houses and units at 8.8 per cent and 14.4 per cent, respectively.
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