Home values decline across majority of capital cities

All of Sydney, Brisbane, Adelaide and Perth fell by 0.1 per cent, CoreLogic’s Property Market Indicator data showed.

The monthly index fell by 0.3 per cent for the week. It rose by 3.9 per cent for the year. Melbourne remained the prime mover at 8.6 per cent, with Sydney, Brisbane and Adelaide contributing 2.5 per cent, 2.3 per cent and 2.7 per cent, respectively.

Listings fell last week across most capital cities, led by Hobart, Adelaide and Melbourne at -25.8 per cent, -19.9 per cent and -13.1 per cent, respectively. Darwin experienced the only gain at 13.3 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 34, 33 and 32 days, respectively.

Perth and Brisbane performed worst at 70 days and 64 days each.

Vendor discounting across most capital cities was between 4.4 per cent and 5.7 per cent for houses, and between 4.3 per cent and 6.5 per cent for units.

Hobart was the low-end exception for houses at 3.4 per cent and Canberra for units at 3.4 per cent.

Darwin was the high-end exception for houses at 9.4 per cent and Perth for units at 9.5 per cent.