Home values rising across most capital cities, yet slip overall

Brisbane, Adelaide and Perth all climbed by 0.1 per cent, while Melbourne fell 0.1 per cent and Sydney fell 0.2 per cent, CoreLogic’s Property Market Indicator data showed, which across the five major capital cities brought the weekly index down by 0.1 per cent.

The monthly index also fell by 0.1 per cent for the week and rose by 4.7 per cent for the year. Melbourne is still the main driver of this at 9.1 per cent, with Sydney, Brisbane and Adelaide all contributing at 3.8 per cent, 2.4 per cent and 2.8 per cent, respectively.

New and all listings fell last week across most capital cities, with the former led by Perth and Hobart at 13.8 per cent and 12.2 per cent, and the latter at 15.8 per cent, 35.3 per cent respectively.

For new listings, Melbourne and Darwin were the only states seeing raises at 1.9 per cent and 8.4 per cent respectively, while Sydney, Melbourne, Adelaide and Canberra saw rises for overall listings, climbing up 21.9 per cent, 3.6 per cent, 6.1 per cent and 5.9 per cent respectively.

Houses remained more popular than units, and the average time for houses on market decreased last week, with Canberra, Hobart and Melbourne performing yet again at best at 23 days, 24 days and 29 days, respectively.

Perth and Darwin performed worst at 67 days and 76 days each.

Vendor discounting across most capital cities was between 3.7 per cent and 7.2 per cent for houses, and between 4.0 per cent and 8.7 per cent for units.

Canberra was the low-end exception for both houses and units at 1.9 per cent and 3.8 per cent, respectively.

Darwin was the high-end exception for both houses and units at 10.8 per cent and 9.2 per cent respectively.