How the nation's capitals performed last week
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How the nation's capitals performed last week

How the nation's capitals performed last week

by Sasha Karen | March 25, 2019 | 1 minute read

Home values continued to ease across the majority of Australian capital cities last week, except for one which managed to hold steady.

Suburbs
March 25, 2019

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 24 March, continuing on from the week prior’s trends, CoreLogic’s Property Market Indicator data showed.

This last week saw PerthPerth, TAS Perth, WA declining by 0.4 of a percentage point, the largest decline, followed by Brisbane declining 0.3 of a percentage point, then Sydney by 0.2 of a percentage point, and Melbourne by 0.1 of a percentage point.

Adelaide however held steady and saw no movement.

The monthly index was down by 0.8 of a percentage point. It fell by 8.6 per cent for the year. Sydney, Melbourne and Perth were the main drivers yet again at 10.9 per cent, 9.7 per cent and 7.7 per cent.

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As prices eased again, listing volumes continued their decline for the week in all capital cities bar Darwin, which rose by 18.4 per cent. This meant Sydney fell for the fifth week in a row, easing off slightly compared to the week prior with a fall of 17.9 per cent.

Houses remained more popular than units, although the average time for houses on market declined again in most capital cities. Hobart was the best capital city for selling property quickly at 33 days.

At the other end of the scale saw Perth with the longest wait again at 93 days, followed by Brisbane at 82 days and then Adelaide at 48 days.

For units, Hobart was yet again the quickest at 28 days, and Perth and Brisbane were the slowest at 104 and 89 days, respectively.

Vendor discounting was between 5.6 per cent and 8.2 per cent for houses across most capital cities, and between 6.2 per cent and 11.4 per cent for units.

Canberra was yet again the low-end exception for both houses and units, at 3.3 per cent and 3.4 per cent, respectively.

Perth was the high-end exception for houses again at 8.5 per cent, and Darwin was the high-end exception for units again at 13.3 per cent.

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