Home values recovered this week, rising in three capital cities and falling in just two, according to the latest CoreLogic data.
Combined, the daily home value index fell by just 0.1 of a percentage point in the week ending 26 May.
Value climbed in Sydney, Melbourne and Adelaide; by 0.3 of a percentage point in Sydney and by 0.1 of a percentage point in both Melbourne and Adelaide, and fell in Brisbane and Perth; 0.1 of a percentage point and 0.5 of a percentage point respectively, CoreLogic’s Property Market Indicator data showed.
The monthly index was down by 0.5 of a percentage point for the week. It fell by 8.8 per cent for the year. Sydney and Melbourne remain the main drivers of the 12-month change, despite their weekly gains.
Listings dropped across many capital cities for the week, but Adelaide, Hobart and Darwin all recorded increases. Darwin was the biggest gainer at 8.1 per cent.
Houses remained more popular than units, and the average time for houses on market began to come down in most capital cities. Hobart faired best at 38 days, and both Sydney and Melbourne recovered to 50 days and 48 days respectively.
For units, Hobart was also best at 36 days, and Sydney and Melbourne recovered to 52 days and 45 days respectively.
Vendor discounting was between 5.2 per cent and 6.3 per cent for houses across most capital cities, and between 6.8 per cent and 7.8 per cent for units.
Canberra was the low-end exception for both houses and units, at 4.0 per cent 5.1 per cent respectively.
Darwin was the high-end exception for both houses and units, at 9.4 per cent and 10.9 per cent, respectively.