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Value dips as cooling continues, data confirms

11 September 2018 Tim Neary
Value dips, property values

Values dip for the most part among Australia’s capital cities as the cooling cycle continues to make its presence felt, according to the latest data from CoreLogic.

Sydney and Melbourne both fell by 0.2 of a percentage point, Perth lost 0.1 of a percentage point of its value, while both Brisbane and Adelaide held steady, according to the CoreLogic Property Market Indicator Summary for the week ending 9 September 2018.

The combined weekly home value index fell by 0.1 of a percentage point.

Listings declined again across most capital cities, with only Hobart and Canberra reversing the trend. Hobart grew by 2.7 per cent and Canberra was up by 4.4 per cent.

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Houses remained more popular than units, with the average time on market for the most part holding firm across the capital cities. Canberra, Hobart and Melbourne performed the best for houses at 28 days, 31 days and 33 days, respectively.

For units, Hobart, Melbourne and Sydney led the pack for quickest days on market at 31 days, 31 days and 42 days, respectively.

Vendor discounting across most capital cities was between 4.7 per cent and 5.8 per cent for houses, and between 5.1 per cent and 7.6 per cent for units.

Canberra was the low-end exception for houses and units at 2.6 per cent and 2.9 per cent, respectively.

Perth was the high-end exception for houses at 8.0 per cent, while Darwin was the high-end exception for units at 12.1 per cent.

Value dips as cooling continues, data confirms
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