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Buyer’s market thrives as new price data released

Buyer’s market thrives as new price data released

by Sasha Karen | March 04, 2019 | 1 minute read

Buyers were in a solid position last week, as capital city values yet again experienced no rises – mostly declines with the exception of one capital city which held steady.

Aerial shot of suburbs
March 04, 2019

Combined, the daily home value index fell by 0.3 of a percentage point in the week ending 3 March, according to CoreLogic.

PerthPerth, TAS Perth, WA saw the largest decline again at 0.4 of a percentage point, followed by Sydney’s 0.3 of a percentage point, Brisbane’s 0.2 of a percentage point and Melbourne’s 0.1 of a percentage point.

Meanwhile, Adelaide continued its track record of holding steady and saw no movement.

The monthly index was down by 0.9 of a percentage point for the week again. It fell by 8.2 per cent for the year. Sydney and Melbourne once again continued to remain the main drivers of declines at 10.5 per cent and 9.4 per cent, respectively.

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Listings fell in all but two capital cities for the week, with Hobart leading the charge for listings growth again at 6.1 per cent, followed by Darwin. Meanwhile, Sydney and Melbourne declined the most, falling 25.3 per cent and 22.9 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market mostly declined overall. Both Hobart houses and units had the fastest time on market once again, both at 37 days.

Meanwhile, the capital cities to experience the slowest days on market were Darwin houses and units at 99 days and 174 days, respectively.

Vendor discounting was between 4.9 per cent and 8.6 per cent for houses across most capital cities, and between 6.1 per cent and 7.6 per cent for units.

Canberra was the low-end exception for both houses and units once again at 3.7 per cent and 3.3 per cent, respectively.

Darwin was the high-end exception for houses at 9.1 per cent, while Perth was the high-end exception for units yet again at 9.7 per cent.

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