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Home value stabilises in most capital cities

By Tim Neary
24 April 2019 | 8 minute read
Perth skyline sunset reb

Home values remained flat in all but two capital cities last week, where they fell marginally, according to the latest CoreLogic data.

Combined, the daily home value index remained unchanged in the week ending 3 March.

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

The monthly index was down by 0.4 of a percentage point for the week. It fell by 8.7 per cent for the year. Sydney, Melbourne and Perth were the main drivers at 10.0 per cent, 9.8 per cent and 8.2 per cent.

Listings dropped across most capital cities for the week, with only Hobart remaining in the black, at 14.8 per cent. Both Sydney and Melbourne fell sharply at 28.7 per cent and 32.6 per cent.

Houses remained more popular than units, and the average time for houses on market continued to remain high in most capital cities. Canberra faired best at 37 days; but Brisbane, Perth and Darwin blew out, at 67 days, 76 days and 65 days, respectively.

For units, Hobart was best at 28 days, while Brisbane, Perth and Darwin recorded a house/unit double trick at 68 days, 76 days and 63 days each.

Vendor discounting was between 5.0 per cent and 7.8 per cent for houses across most capital cities, and between 4.9 per cent and 6.2 per cent for units.

Canberra was the low-end exception for houses at 4.0 per cent and for units it was Hobart at 3.9 per cent.

Darwin was the high-end exception for houses at 9.0 per cent, while Perth was the high-end exception for units at 10.4 per cent.

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