Home values climbed in all but one of Australia’s capital cities last week, with onlyslipping back into negative territory, according to the latest CoreLogic data.
Combined, the daily home value index grew 0.7 per cent in the week ending 9 July.
At 1.4 per cent, Melbourne’s gain was the highest, with Sydney, Brisbane and Adelaide following at 0.6 per cent, 0.3 per cent and 0.1 per cent respectively. Perth fell 0.6 per cent, CoreLogic’s Property Market Indicator data shows.
The monthly index was up 2.7 per cent for the week. It rose 10.6 per cent for the year. Sydney and Melbourne were the main drivers at 13.1 per cent and 15.5 per cent respectively.
Listings remained divided across most of Australia’s capital cities last week. At 29.9 per cent, Canberra was the shooting star. Sydney followed at 16.4 per cent, with Darwin and Hobart following at 14.5 per cent and 10.4 per cent respectively. Perth fell heavily to -12.6 per cent, while Adelaide came closest to breaking even at -1.2 per cent.
Houses remained more popular than units and the average time for houses on market was largely steady in most capital cities. Canberra and Melbourne fared the best at 29 days each, followed by Sydney at 30 days and Hobart at 34 days.
Sydney performed the best for units at 30 days, followed by Melbourne at 32 days.
Vendor discounting was between 4.6 per cent and 6.1 per cent for houses across most capital cities, and between 5.6 per cent and 6.4 per cent for units.
Hobart and Canberra were the low-end exceptions for houses at 3.6 per cent, and Melbourne was the low-end exception for units at 4.5 per cent.
Darwin was the high-side exception for both houses and units at 9.1 per cent and 15.2 per cent respectively.