Only one capital city avoided value drop last week

Sydney fell by 0.5 per cent, while both Melbourne and Perth fell 0.2 per cent and Brisbane fell 0.1 per cent, CoreLogic’s Property Market Indicator data shows.

Meanwhile, Adelaide remained steady and did not move.

The monthly index was down by 0.6 per cent for the week. It fell by 4.7 per cent for the year. Sydney, Melbourne and Perth were the main drivers with falls of 6.6 per cent, 5.0 per cent and 3.6 per cent.

Listings climbed across most capital cities for the week, with only Sydney and Melbourne remaining in the red. Sydney fell by 9.3 per cent, but Hobart and (especially) Darwin grew substantially by 11.4 per cent and 38.3 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market continued to rise in most capital cities. Canberra, Hobart and Melbourne fared best at 29, 29 and 33 days each, but Brisbane, Perth and Darwin all pushed the average out at 64 and 74 days each, respectively.

Vendor discounting was between 4.7 per cent and 5.8 per cent for houses across most capital cities, and between 4.0 per cent and 7.1 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.1 per cent and 3.0 per cent, respectively.

Perth was the high-end exception for houses at 8.0 per cent, while Darwin was the high-end exception for units at 14.6 per cent.