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Home values steady somewhat, selling days shorten

02 April 2019 Tim Neary

Home values stabilised a little last week, falling marginally in three capital cities and holding steady in two, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.1 of a percentage point in the week ending 31 March.

Value fell by 0.1 of a percentage point in Sydney and Brisbane, and 0.2 of a percentage point in Melbourne, and remained even in Adelaide and Perth, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.6 of a percentage point for the week. It fell by 8.6 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 10.9 per cent, 9.8 per cent and 7.7 per cent.

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Listings dropped across some capital cities for the week, and lifted in others. In Darwin, they were up by 13.6 per cent, and in Canberra, they rose by 21.1 per cent. Sydney fell by 10 per cent and Melbourne was down by 4.6 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 35 days, closely followed by Melbourne at 39 days, and only Perth remained in the 90 days-plus zone at 90 days exactly.

For units, Hobart was at 29 days, with Melbourne not far behind at 36 days. Perth remained slow at 110 days.

Vendor discounting was between 5.3 per cent and 7.6 per cent for houses across most capital cities, and between 6.2 per cent and 7.7 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.3 per cent for both.

Darwin was the high-end exception for houses at 15.6 per cent, while Perth was the high-end exception for units at 8.6 per cent.

Home values steady somewhat, selling days shorten
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