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Home values continue to cool in key capital cities

19 February 2019 Tim Neary
Home values

Home values fell again last week in all but two capital cities, where one was up and the other remained flat, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.3 of a percentage point in the week ending 17 February.

Value fell in Sydney and Melbourne by 0.3 of a percentage point and in Perth by 0.1 of a percentage point. It remained flat in Adelaide and was up by 0.1 of a percentage point in Brisbane, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.9 of a percentage point for the week. It fell by 7.7 per cent for the year. Sydney, Melbourne and Perth are the main drivers at 10.1 per cent, 8.9 per cent and 6.2 per cent.

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Listings dropped across most capital cities for the week, with only Hobart and Darwin remaining in the black, 17.6 per cent and 17.7 per cent each, while Sydney fell sharply by 23.5 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 45 days, but Sydney, Brisbane, Perth and Darwin were all in the 80 days-plus zone at 80 days, 87 days, 88 days and 83 days, respectively.

For units, Hobart recorded a neat 34 days, but Perth and Brisbane were worrying at 105 days and 94 days each.

Vendor discounting was between 5.3 per cent and 6.0 per cent for houses across most capital cities, and between 5.8 per cent and 6.7 per cent for units.

Canberra was the low-end exception for both houses and units, at 4.1 per cent and 3.0 per cent, respectively.

Sydney was the high-end exception for houses at 8.9 per cent, while Perth was the high-end exception for units at 9.1 per cent.

Home values continue to cool in key capital cities
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