Summer buying opportunities crop up in big markets

Sydney, Melbourne and Perth continued their declines from the week prior, recording declines of 0.3 of a percentage point, 0.5 of a percentage point and 0.2 of a percentage point, respectively.

Meanwhile, Adelaide saw some growth at a rise of 0.2 of a percentage point and Brisbane held steady, CoreLogic’s Property Market Indicator data shows.

The monthly index was down by 1.2 of a percentage point for the week. It fell by 6 per cent for the year. Sydney and Melbourne were the main drivers at -8.2 per cent and -6.5 per cent.

Listings declined across most capital cities for the week, with only Hobart and Canberra recording rises at 4.2 per cent and 18.3 per cent, respectively. Listings fell the most in Darwin at a decline of 14.4 per cent, followed by Sydney at 12.4 per cent.

Houses remained more popular than units, and the median time for houses on market holding steady across most capital cities. Canberra and Hobart had the smallest time on market, both at 29 days, while Perth saw no movement from the week before and remained at the higher end at 72 days, followed by Brisbane at 64 days.

Darwin in particular saw great improvement on its median time on market, dropping 19 days down to 61 days.

Vendor discounting was between 4.4 per cent and 8.3 per cent for houses across most capital cities, and between 4.8 per cent and 9.5 per cent for units.

Canberra was the low-end exception for houses at 3.8 per cent, while Hobart was the low-end exception of units at 4.2 per cent.

Darwin both was the high-end exception for houses and units at 9.1 per cent and 9.6 per cent, respectively.