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Capital city home values level off across the country
Home values increased in only one capital city last week – Melbourne recording a slight increase, according to the latest CoreLogic data.
Combined, the daily home value index remained level in the week ending 22 October.
Brisbane and Adelaide remained level and Perth and Sydney fell by 0.1 per cent each. Melbourne climbed by 0.1 per cent, CoreLogic’s Property Market Indicator data showed.
The monthly index was up by 0.1 per cent for the week. It rose by 7.4 per cent for the year. Sydney and Melbourne remained the main drivers at 8.5 per cent and 11.2 per cent, respectively.
Listings rose across most capital cities, where only Sydney and Melbourne recorded modest increases and Canberra accelerated by an impressive 27.8 per cent.
Brisbane and Perth were the two biggest fallers at -12.6 per cent and -8.6 per cent, respectively.
Houses remained more popular than units, and the average time for houses on market lengthened slightly last week, with Canberra, Melbourne and Sydney performing best at 27 days, 29 days and 30 days, respectively.
Perth and Darwin performed the worst at 77 days and 84 days each.
Vendor discounting across most capital cities was between 4.1 per cent and 7.0 per cent for houses, and between 4.3 per cent and 6.0 per cent for units.
Canberra was the low-end exception for both houses and units at 2.6 per cent and 3.9 per cent, respectively.
Darwin was the high-end exception for houses at 9.4 per cent and Perth for units, also at 9.4 per cent.
