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Home values improve slightly over last week

06 November 2018 Sasha Karen
Property and key with Australian banknotes

Two capital cities bounced back and avoided recording a decline in property value over the last week, new data from CoreLogic shows.

The highest fall last week was in Sydney at 0.2 of a percentage point, followed by both Melbourne and Perth at 0.1 of a percentage point.

Adelaide saw a rise of 0.1 of a percentage point, while Brisbane remained steady and recorded no movement.

The combined weekly change was -0.1 of a percentage point and the combined monthly change was -0.5 of a percentage point, according to the CoreLogic Property Market Indicator for the week ending 4 November.

Listings declined slightly week on week, with Hobart rising by 11.5 per cent, followed by Perth and Brisbane at 0.8 of a percentage point and 0.5 of a percentage point, respectively.

Meanwhile, Canberra saw a decline of 8.9 per cent, which was then followed by Adelaide at 1.8 per cent and Melbourne at 0.5 of a percentage point.

Darwin was the standout performer yet again at 23.3 per cent, while Sydney performed the worst yet again at a decline of 11.3 per cent.

Houses remained more popular than units, with the average time on market rising across the capital cities. Canberra, Hobart and Melbourne performed best for houses once again at 27 days, 30 days and 33 days, respectively.

For units, Hobart and Melbourne were best again at 28 days and 34 days, respectively.

Vendor discounting across most capital cities was between 5.1 per cent and 7.5 per cent for houses, and between 5.3 per cent and 10.6 per cent for units.

Canberra was the low-end exception for houses and units at 3 per cent and 3.4 per cent, respectively.

Perth was the high-end exception for houses at 7.9 per cent, while Darwin was the high-end exception for units at 14.8 per cent.

Home values improve slightly over last week
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