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Only one major capital city doesn’t record value fall
Every major capital city recorded a decline in home values bar one, according to CoreLogic.
The combined daily home value index declined by 0.1 percentage points during the week ending 6 August, according to the CoreLogic Property Market Indicator Summary.
Melbourne property decline the most by 0.2 of a percentage point, followed by Sydney, Brisbane and Perth which all declined 0.1 of a percentage point. The only major market not to record a decline was Adelaide, which held steady.
Listings declined across all the capital cities with the exception of Darwin, Hobart and Canberra which all rose by 22.4 per cent, 10.7 per cent and 4.4 per cent respectively. The biggest fall was recorded in Sydney, followed by Adelaide.
Houses remained more popular than units, with the average time on market fluctuating across all capitals. Hobart, Canberra and Melbourne yet again performed best for houses with the former two at 30 days, and the later at 36 days. For units, Hobart, Melbourne and Sydney were on top at 27 days, 35 days and 44 days respectively.
Vendor discounting across most capital cities was between 4.8 per cent and 7.1 per cent for houses, and between 5.2 per cent and 9.5 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 4.9 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 11.4 per cent.
