Home values remain flat across most capital cities

Melbourne climbed by 0.2 per cent, while all of Sydney, Brisbane, Perth and Adelaide remained unchanged, CoreLogic’s Property Market Indicator data showed.

The monthly index was up by 0.2 per cent for the week. It rose by 8.7 per cent for the year. Sydney and Melbourne remained the main drivers at 11.0 per cent and 11.9 per cent, respectively.

Listings continued to tighten across most capital cities, with only Sydney, Adelaide and Canberra recording positive returns. Perth and Darwin were the two largest fallers at -13.7 per cent and -18.0 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market held steady last week, with Canberra, Melbourne and Sydney performing best at respective 26 days, 28 days and 29 days.

Perth and Darwin performed the worst at 92 days and 105 days each.

Vendor discounting across most capital cities was between 4.4 per cent and 5.9 per cent for houses, and between 4.4 per cent and 6.5 per cent for units.

Melbourne was the low-end exception for houses at 3.8 per cent and Canberra was the same for units at 3.0 per cent.

Darwin was the high-end exception for houses at 7.7 per cent and Perth for units at 8.1 per cent.