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Home values see overall fall in major markets

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Home values see overall fall in major markets

by Eliot Hastie 02 May 2018 1 minute read

Home values declined across the nation's major capital cities, the latest CoreLogic data reveals.

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May 02, 2018

Sydney and Brisbane both experienced a 0.1 per cent decline in values, while Melbourne had a dip of 0.2 per cent.

Adelaide and PerthPerth, TAS Perth, WA held steady with no change, making the combined percentage for the country fall 0.1 per cent in the week ending 27 April, the latest CoreLogic Property Market Indicator showed.

Auction volumes experienced a bump across the country, with 2,539 auctions occurring with a clearance rate of 62.5 per cent. Last week, there were only 1,799 auctions with a clearance of 62.2 per cent.

Individually, all capital cities had a rise of new listings, with the biggest increase in Darwin and Adelaide at 31.8 per cent and 19.5 per cent, respectively.

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The combined total change was 10 per cent, with only Hobart experiencing a decline, 3.1 per cent down on last week.

Houses remained slightly more popular than units, with the median time on market increasing, although Hobart, Canberra and Melbourne yet again were the top performers at 27 days, 32 days and 33 days, respectively.

The worst performers for houses were Brisbane, Darwin and Perth at 61 days, 84 days and 71 days, respectively.

The biggest divide was found in Darwin, with houses being on the market for an average of 84 days, while units were almost double the time at 139 days being the median.

Vendor discounting across most capital cities was between 4.3 per cent and 7.1 per cent for houses and between 4.3 per cent and 8.2 per cent for units.

Hobart and Melbourne were the low-end exceptions for houses, at 4.3 and 4.4 per cent, respectively, and Melbourne was the low-end exception for units as well at 4.3 per cent.

Perth was the high-end exception for both units and houses at 8.2 per cent and 8.2 per cent, respectively.

Home values see overall fall in major markets
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Eliot Hastie

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