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Values see-saw as listings begin to slide

25 June 2019 Tim Neary

Home values showed some volatility this week, rising in two capital cities and falling in three, according to the latest CoreLogic data.

However, combined, the daily home value index remained unchanged in the week ending 23 June.

Value rose in Sydney and Melbourne, by 0.1 of a percentage point and 0.2 of a percentage point, respectively, and fell in all of Brisbane, Adelaide and Perth, by 0.1 of a percentage point in Brisbane and 0.3 of a percentage point in both Adelaide and Perth, 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 8.5 per cent for the year. Sydney and Melbourne remained the main drivers of the 12-month change, despite their gains during the week.

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Listings dropped across most capital cities for the week, with only Adelaide and Hobart recording increases. Melbourne was the biggest loser at 29.4 per cent.

Houses remained more popular than units, and the average time for houses on market held steady in most capital cities. Hobart faired best at 36 days, and both Sydney and Melbourne recovered to 48 days and 43 days, respectively.

For units, Melbourne was best at 41 days, and Hobart and Sydney followed at 43 days and 51 days, respectively.

Vendor discounting was between 4.2 per cent and 7.7 per cent for houses across most capital cities, and between 5.5 per cent and 7.5 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.7 per cent and 4.7 per cent, respectively.

Darwin was the high-end exception for houses at 10.9 per cent, and Perth was the high-end exception for units at 11.5 per cent.

Values see-saw as listings begin to slide
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