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Home values continue to cool as selling days begin to blow out

By Tim Neary
05 March 2019 | 9 minute read
australia 850

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

Combined, the daily home value index fell by 0.3 of a percentage point in the week ending 3 March.

Value fell in Sydney, Melbourne, Brisbane and Perth by 0.3 of a percentage point, 0.1 of a percentage point, 0.2 of a percentage point and 0.4 of a percentage point, respectively, and remained even in Adelaide, CoreLogic’s Property Market Indicator data showed.

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The monthly index was down by 0.9 of a percentage point for the week. It fell by 8.2 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 10.5 per cent, 9.4 per cent and 7.0 per cent.

Listings dropped across most capital cities for the week, with only Hobart and Darwin remaining in the black, 6.1 per cent and 3.5 per cent each, while Sydney fell sharply for the second week, this time by 25.3 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 37 days; but Brisbane, Perth and Darwin were all in the 90 days-plus zone at 90 days, 91 days, and 99 days, respectively.

For units, Hobart recorded a house/unit double trick at 37 days, but Perth and Brisbane remained worryingly long at 110 days and 174 days each.

Vendor discounting was between 4.9 per cent and 7.9 per cent for houses across most capital cities, and between 6.1 per cent and 7.6 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.7 per cent and 3.3 per cent, respectively.

Darwin was the high-end exception for houses at 9.1 per cent, while Perth was the high-end exception for units at 9.7 per cent.

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