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Home values decline as Sydney, Melbourne keep slipping

By Sasha Karen
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Home values in Sydney and Melbourne can’t catch a break as they fall for yet another week, and the other capital cities didn’t exactly fair too well either, CoreLogic data shows.

The combined daily home value index declined by 0.1 of a percentage point during the week ending 8 July according to the CoreLogic Daily Home Value Index.

No capital cities saw a rise in its home value this week, with Brisbane and Adelaide holding steady. PerthPerth, TAS Perth, WA, along with Sydney and Melbourne, all declined by 0.1 of a percentage point.

Listings continued to decline across all capital cities, except for Canberra, continuing its listing rise from the previous week.

Houses remained more popular than units, with the average time on market rising in most capitals. Hobart, Melbourne and Canberra performed best for houses at 30 days, 34 days and 36 days, respectively, while the longest wait occurred in Brisbane, Perth and Darwin at 63 days, 83 days and 93 days respectively. For units, Hobart and Melbourne were ahead of the others at 28 days and 34 days each.

Vendor discounting across most capital cities was between 4 per cent and 8 per cent for houses, and between 4.9 per cent and 8.8 per cent for units.

Canberra was the low-end exception for houses and units at 2.0 per cent and 4.8 per cent, respectively.

Darwin was both the high-end exception for houses and units at 10.9 per cent and 13.9 per cent, respectively.

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Home values decline as Sydney, Melbourne keep slipping
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