Auctions hit new record, home values back to fluctuations over last week

Melbourne and Brisbane both declined by 0.1 per cent for the week, while Sydney held steady and Adelaide and Perth saw value rises, with the former rising by 0.1 per cent and the latter by 0.2 per cent, the latest CoreLogic Property Market Indicator showed.

Auction activity saw new peaks, with the pre-Easter period reaching an all-time high of 3,967 auctions across all capital cities, with the last highest level recorded during 30 November 2014 at 3,908. However, the clearance rate has slightly declined to 65.5 per cent.

New listings declined in half of the capital cities, with the biggest decline in Darwin at a fall of 30.5 per cent, followed by Adelaide and Melbourne with falls of 6.8 per cent and 5.4 per cent, respectively. Meanwhile, Canberra was the best performing capital city for listings growth at 12.6 per cent.

Houses remained more popular than units, with the median time on market slightly decreasing overall, with Hobart, Canberra and Melbourne continuing to lead the way for houses yet again at 24 days, 26 days and 29 days, respectively.

Some of the worst performers for houses were Brisbane and Perth at 64 days and 85 days, respectively.

For the second week in a row, Darwin saw the best improvement for its time on market for both houses and units. For houses, the capital city recorded 51 days on market, down 34 days and units recorded 64 days, down 19 days.

Vendor discounting across most capital cities was between 4.1 per cent and 7.4 per cent for houses and between 3.7 per cent and 8.2 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 8.6 per cent, while Perth was the high-end exception for units at 8.3 per cent.