Melbourne faces sharp decline while most major markets fall

Sydney home values declined 0.2 of a percentage point, Perth fell 0.3 of a percentage point and Melbourne dropped 0.4 of a percentage point over the last while Melbourne held steady. Meanwhile, Adelaide held steady and Brisbane saw a rise of 0.1 of a percentage point.

Listings declined across all the capital cities with the exception of Hobart, which rose 10.8 per cent, and Darwin, which rose 3 per cent. The biggest fall was recorded in Sydney, followed by Adelaide.

Houses remained more popular than units, with the average time on market rising across all capitals. Hobart, Canberra and Melbourne yet again performed best for houses at 30 days, 32 days and 35 days, respectively. For units, Hobart, Melbourne and Sydney were ahead of the others at 25 days, 35 days and 44 days respectively.

Vendor discounting across most capital cities was between 4.9 per cent and 6.8 per cent for houses, and between 5.8 per cent and 9.2 per cent for units.

Canberra was the low-end exception for houses at 2.1 per cent, while Melbourne was the low-end exception for units at 4.7 per cent.

Perth was the high-end exception for houses at 8.2 per cent, while Darwin was just the high-end exception for units at 10.7 per cent.