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Home values across most of Australia on the rise again

11 April 2017 Tim Neary

Home values rose in all but two of Australia’s capital cities last week, with only Perth recording a decrease and Brisbane finishing the week unchanged, according to the latest CoreLogic data.

Home values rose in all but two of Australia’s capital cities last week, with only Perth recording a decrease and Brisbane finishing the week unchanged, according to the latest CoreLogic data.

The daily home value index climbed 0.2 per cent in the week ending 9 April.

Sydney, Melbourne and Adelaide moved up 0.4 per cent, 0.3 per cent and 0.3 per cent respectively, while Brisbane did not move and Perth fell 0.8 per cent, CoreLogic’s Property Market Indicator data shows.

The monthly index was up 0.4 per cent for the week. It rose 12.8 per cent for the year. As they were in the week prior, Sydney and Melbourne are the drivers at 18.1 per cent and 16.7 per cent respectively.

Most capital cities reported increases in listings. At 24.7 per cent, Canberra’s growth was the highest again. Hobart, Sydney and Adelaide followed at 19.0 per cent, 12.1 per cent and 7.5 per cent respectively. Brisbane and Darwin were the biggest losers at 8.3 per cent and 9.8 per cent respectively.

Houses remained more popular than units and the average time for houses on market reduced in most capital cities. Sydney and Canberra fared the best at 26 days each, followed by Melbourne at 28 days.

Sydney performed the best for units at 26 days, followed by Melbourne at 29 days. Hobart wasn’t far behind at 31 average days on market.

Vendor discounting was between 3.8 per cent and 5.6 per cent for houses across most capital cities, and between 4.4 per cent and 5.6 per cent for units.

Canberra was the low-end exception again, with houses at 2.5 per cent and units at 2.9 per cent.

Perth was the high-side exception for houses at 7.3 per cent, while Darwin kept the tail up for units at 14.5 per cent.

Home values across most of Australia on the rise again
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