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Value stable, days on market continue to fall

18 June 2019 Tim Neary

Home values held firm this week, remaining unchanged in all but one capital city, according to the latest CoreLogic data.

Combined, the daily home value index remained unchanged as well in the week ending 16 June.

Value held firm in all of Sydney, Melbourne, Brisbane and Perth and only moved in Adelaide, where it fell marginally by 0.2 of a percentage point, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.1 of a percentage point for the week. It fell by 8.6 per cent for the year. Sydney and Melbourne remained the main drivers of the 12-month change, despite them holding steady during the week.

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Listings dropped across many capital cities for the week, but Adelaide, Hobart and Darwin all recorded increases. Hobart was the biggest gainer at 7.3 per cent.

Houses remained more popular than units, and the average time for houses on market continued to come down in most capital cities. Hobart faired best at 36 days, and both Sydney and Melbourne recovered to 49 days and 45 days, respectively.

For units, Hobart was also best at 41 days, and Sydney and Melbourne recovered to 56 days and 42 days, respectively.

Vendor discounting was between 4.7 per cent and 6.3 per cent for houses across most capital cities, and between 6.1 per cent and 8.0 per cent for units.

Canberra was the low-end exception for both houses and units, at 4.2 per cent for both.

Darwin was the high-end exception for houses at 11.0 per cent, and Perth was the high-end exception for units at 11.1 per cent.

Value stable, days on market continue to fall
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