Home values decline across most of Australia

By Tim Neary

Home values fell markedly this week across the country, with only Adelaide recording a positive change, as Sydney and Melbourne flat-lined and values in Brisbane and PerthPerth, TAS Perth, WA fell, according to the latest CoreLogic data.

Combined, the daily home value index fell 0.1 per cent in the week ending 23 July.

Adelaide grew 0.5 per cent, while Brisbane and Perth fell 0.6 per cent and 0.2 per cent, respectively, CoreLogic’s Property Market Indicator data shows.

The monthly index was up 2.2 per cent for the week. It rose 11.1 per cent for the year. Sydney and Melbourne were the main drivers at 13.4 per cent and 16.7 per cent.

Listings remained divided across most of Australia’s capital cities last week. Canberra remained the highest mover at 35.1 per cent. Sydney and Darwin followed at 18.3 per cent and 13.8 per cent, with Melbourne following at 10.3 per cent.

Perth fell heavily again this week to -15.5 per cent, while Brisbane and Hobart also recorded decreases of -0.5 per cent and -0.6 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market was largely steady in most capital cities. Melbourne fared the best at 29 days, followed by Sydney and Canberra at 31 days and Hobart at 35 days.

Melbourne performed the best for units at 31 days each.

Vendor discounting was between 4.4 per cent and 5.9 per cent for houses across most capital cities, and between 6.0 per cent and 6.3 per cent for units.

Melbourne was the low-end exception for houses at 3.9 per cent and for units at 4.3 per cent.

Darwin was the high-end exception for both houses and units at 9.8 per cent and 13.6 per cent, respectively.

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Home values decline across most of Australia
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