1 capital city records value spike, others hold steady and drop
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1 capital city records value spike, others hold steady and drop

1 capital city records value spike, others hold steady and drop

by Sasha Karen | February 18, 2019 | 1 minute read

Values across major capital city markets remained largely steady or in decline last week, but one capital recorded an overall rise in house prices. 

suburbs
February 18, 2019

Combined, the daily home value index fell by 0.3 of a percentage point in the week ending 17 February, according to CoreLogic.

Sydney and Melbourne both declined by 0.3 of a percentage point and PerthPerth, TAS Perth, WA declined by 0.1 of a percentage point.

Adelaide continued to see its values hold steady with no movement, while Brisbane recorded a rise in value of 0.1 of a percentage point.

The monthly index was down by 0.9 of a percentage point for the week. It fell by 7.7 per cent for the year. Sydney and Melbourne continued to remain the main drivers of declines of 10.1 per cent and 8.9 per cent, respectively.

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Listings fell in all but two capital cities for the week, with Darwin and Hobart experiencing rises for another week in a row of 17.7 per cent and 17.6 per cent, respectively. In contrast, Sydney and Melbourne saw the largest listings decline of 23.5 per cent and 18.3 per cent.

Houses remained more popular than units, and the average time for houses on market slightly rose overall. Both Hobart houses and units had the fastest time on market yet again at 45 and 34 days, respectively.

Meanwhile, Perth houses and units were the slowest yet again, slowing to 88 and 105 days, respectively.

Vendor discounting was between 5.2 per cent and 8.5 per cent for houses across most capital cities, and between 5.8 per cent and 8.2 per cent for units.

Canberra was the low-end exception for both houses and units again, at 4.1 per cent and 3 per cent, respectively.

Sydney was the high-end exception for houses again at 8.9 per cent, while Perth was the high-end exception for units again at 9.1 per cent.

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