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According to CoreLogic data, most of the major capital cities saw harsh declines in property values over the last week, with Melbourne leading the way with the biggest fall.
The combined daily home value index declined by 0.2 of a percentage point during the week ending 29 July, according to the CoreLogic Property Market Indicator Summary.
Sydney home values declined by 0.2 of a percentage point, Perth fell by 0.3 of a percentage point and Melbourne dropped by 0.4 of a percentage point over the last week. Melbourne and Adelaide held steady while Brisbane saw a rise of 0.1 of a percentage point.
Listings declined across all the capital cities with the exception of Hobart, which rose by 10.8 per cent, and Darwin, which rose by 3 per cent. The biggest fall was recorded in Sydney, followed by Adelaide.
Houses remained more popular than units, with the average time on market rising across all capitals. Hobart, Canberra and Melbourne yet again performed best for houses at 30 days, 32 days and 35 days, respectively. For units, Hobart, Melbourne and Sydney were ahead of the others at 25 days, 35 days and 44 days, respectively.
Vendor discounting across most capital cities was between 4.9 per cent and 6.8 per cent for houses, and between 5.8 per cent and 9.2 per cent for units.
Canberra was the low-end exception for houses at 2.1 per cent, while Melbourne was the low-end exception for units at 4.7 per cent.
Perth was the high-end exception for houses at 8.2 per cent, while Darwin was the high-end exception for units at 10.7 per cent.
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