Strong turnaround sees value climb in most capital cities

By Tim Neary
House value

In a strong turnaround, home values climbed this week in all but one capital city, with PerthPerth, TAS Perth, WA the only one to record a negative change, according to the latest CoreLogic data.

Combined, the daily home value index grew by 0.3 per cent in the week ending 6 August.

Perth fell by 0.1 per cent, while all of Sydney, Melbourne, Brisbane and Adelaide grew by 0.2 per cent, 0.5 per cent, 0.1 per cent and 0.4 per cent, respectively, CoreLogic’s Property Market Indicator data shows.

The monthly index was up by 0.7 per cent for the week. It rose by 10.4 per cent for the year. Sydney and Melbourne remain the main drivers at 12.4 per cent and 16.1 per cent.

Listings remained divided across most of Australia’s capital cities last week. Sydney was the highest climber this week at 14.2 per cent, with Melbourne following at 9.4 per cent.

Perth and Darwin were the fallers this week, by 11.7 per cent and 11.4 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market fell marginally in most capital cities. Canberra fared the best at 28 days, followed by Melbourne at 29 days and Sydney at 33 days.

Melbourne performed the best for units at 32 days, followed by Sydney at 33 days.

Vendor discounting was between 4.6 per cent and 5.9 per cent for houses across most capital cities, and between 4.4 per cent and 6.9 per cent for units.

Canberra was the low-end exception for houses at 3.3 per cent, while Hobart was the low-end exception for units at 4.0 per cent.

On the other side of the coin, Darwin was the high-end exception for both houses and units at a respective 8.8 per cent and 10.7 per cent.

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Strong turnaround sees value climb in most capital cities
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