Most capital cities see flat home values

Melbourne, Brisbane, Adelaide and Perth all remained level while Sydney fell by 0.2 per cent, CoreLogic’s Property Market Indicator data showed.

The monthly index fell by 0.3 per cent for the week. It rose by 4.8 per cent for the year. Melbourne remained the main driver at 9.4 per cent, with Sydney, Brisbane and Adelaide contributing 3.8 per cent, 2.4 per cent and 2.9 per cent.

Listings fell last week across most capital cities, led by Sydney and Perth at -13.3 cent and -18.1 per cent, respectively. Darwin experienced the largest gain at 11.6 per cent.

Houses remained more popular than units, and the average time for houses on market rose last week, with Canberra, Hobart and Melbourne performing best at 24 days, 25 days and 28 days, respectively.

Perth and Darwin performed worst at 67 days and 74 days each.

Vendor discounting across most capital cities was between 3.8 per cent and 7.1 per cent for houses, and between 4.2 per cent and 6.3 per cent for units.

Canberra was the low-end exception for both houses and units at 2.7 per cent and 3.7 per cent, respectively.

Darwin was the high-end exception for both houses and units at 9.6 per cent and 10.8 per cent respectively.