Mix of ups and downs in property market last week

Property values continued their signs of randomness over the last week, with two down, two up, and the remainder holding steady

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Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 27 January, according to CoreLogic.

Sydney and Melbourne fell by 0.3 of a percentage poinand 0.4 of a percentage point, respectively; both Brisbane and Adelaide both lifted by 0.1 of a percentage point; and Perth held steady week on week, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 1.1 per cent for the week. It fell by 7.1 per cent for the year. Sydney and Melbourne remained the main drivers at -9.5 per cent and -8.2 per cent, respectively.

Listings dropped across all but one capital city for the week, with only Hobart ending in the black — climbing by 5 per cent. Sydney fell by 20.2 per cent and Melbourne fell by 11.5 per cent.

Houses remained more popular than units, and the average time for houses on market continued in its rise in most capital cities. Hobart fared best at 44 days for houses and 34 days for units. Perth was the most tardy at 83 days and 92 days, respectively, for houses and units.

Vendor discounting was between 5.8 per cent and 8.6 per cent for houses across most capital cities, and between 6.2 per cent and 8.8 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.1 per cent and 3.3 per cent, respectively.

Sydney was the high-end exception for houses at 8.9 per cent, while Perth was the high-end exception for units at 9.6 per cent.

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