Summer market arrives but November finishes soft

Sydney, Melbourne, Perth and Brisbane all fell during the week by 0.5 of a percentage point, 0.3 of a percentage point, 0.2 of a percentage point and 0.1 of a percentage point, respectively, while Adelaide grew by 0.2 of a percentage point, CoreLogic’s Property Market Indicator data shows.

The monthly index was down by 0.1 of a percentage point for the week. It fell by 5.7 per cent for the year. Sydney and Melbourne were the main drivers at -8.1 per cent and -5.9 per cent.

Listings rose across most capital cities for the week, with only Sydney and Melbourne remaining in the red. Sydney fell by 9.3 per cent and Melbourne fell by 6.5 per cent, but the remainder all returned increases. Hobart and Canberra grew healthily at 16.4 per cent and 13.5 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market continued in its marginal creep in most capital cities. Canberra and Melbourne fared best at 28 and 35 days each, but Perth and Darwin pulled the average skywards at 72 days and 80 days, respectively.

Vendor discounting was between 4.5 per cent and 6.8 per cent for houses across most capital cities, and between 4.6 per cent and 6.6 per cent for units.

Canberra was the low-end exception for both houses and units, at 2.7 per cent and 3.8 per cent, respectively.

Darwin was the high-end exception for houses at 8.8 per cent, while Perth was the high-end exception for units at 9.7 per cent.