All capital cities avoid price rise last week

The worst-off major capital city was Sydney, which declined by 0.3 of a percentage point for the week, followed by Melbourne and Brisbane, which both fell by 0.2 of a percentage point. Adelaide also eased by 0.1 of a percentage point. Meanwhile, Perth saw no change and held steady, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 0.7 of a percentage point. It fell by 8.4 per cent for the year. Sydney, Melbourne and Perth were the main drivers again at 10.7 per cent, 9.6 per cent and 7.3 per cent.

While prices eased, listing volumes also dropped across all capital cities for the week, with Sydney falling once again for the fourth week in a row, this time with a decline of 20.9 per cent.

Houses remained more popular than units, and the average time for houses on market declined in most capital cities. Hobart and Canberra fared best at 35 days again.

At the other end of the scale saw Perth with the longest wait at 93 days, followed by Brisbane at 89 days and then Darwin at 54 days.

For units, Hobart once again the fastest at 28 days, but Darwin and Perth were the longest at 114 and 104 days, respectively.

Vendor discounting was between 5.4 per cent and 8.2 per cent for houses across most capital cities, and between 6.4 per cent and 10.9 per cent for units.

Canberra was again the low-end exception for both houses and units, at 3.5 per cent and 3.2 per cent, respectively.

Perth was the high-end exception for houses at 8.5 per cent, and Darwin was the high-end exception for units at 14.9 per cent.