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Home values fall as listings drop around the country

21 May 2019 Tim Neary

Home values fell in all but one capital city last week, where it remained level, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 19 May.

Value held steady in Brisbane, but fell by 0.3 of a percentage point in Sydney, 0.2 of a percentage point in Melbourne, and 0.1 of a percentage point in Adelaide and Perth, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.8 of a percentage point for the week. It fell by 9.0 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 11.2 per cent, 10.2 per cent and 8.4 per cent.

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Listings dropped across all capital cities for the week, bar Darwin. Both Sydney and Melbourne felt the sharpest falls at 28.7 per cent and 26.4 per cent, respectively.

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 38 days, but Perth and Darwin blew out, at 82 days and 105 days, respectively.

For units, Hobart was also best at 36 days, while Perth and Darwin faired less well at 86 days and 95 days each.

Vendor discounting was between 5.5 per cent and 7.9 per cent for houses across most capital cities, and between 7.0 per cent and 8.0 per cent for units.

Canberra was the low-end exception for houses at 4.0 per cent, and for units it was Canberra at 5.3 per cent.

Darwin was the high-end exception for both houses and units, at 9.0 per cent and 13.7 per cent, respectively.

Home values fall as listings drop around the country
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