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Signs of stability in the nation’s top market’s performance last week

Signs of stability in the nation’s top market’s performance last week

by Sasha Karen | April 08, 2019 | 1 minute read

While prices continued to ease, there was a fair amount of stability in the market last week, according to the latest price data.

Aerial shot of suburbs
April 08, 2019

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 7 April, CoreLogic’s Property Market Indicator data showed.

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

Meanwhile, Adelaide saw no value changes again and held steady.

The monthly index was down by 0.7 of a percentage point. It fell by 8.7 per cent for the year. Sydney, Melbourne and Perth were the main drivers again at 11 per cent, 10 per cent and 7.9 per cent, respectively.

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As prices eased, listing volumes continued to fluctuate overall, with Sydney, Melbourne, Brisbane and Perth declining again while Canberra, Darwin, Adelaide and Hobart increased.

This meant listings in Sydney declined for the seventh week in a row.

Houses remained more popular than units, and the average time for houses on market were relatively stable, as half the capital cities saw no movement, three declining and one rising. Hobart was the best capital city for selling property quickly again at 35 days.

At the other end of the scale saw Perth with the longest wait again at 80 days, followed by Brisbane at 68 days and then Darwin at 58 days.

For units, Hobart was again the quickest at 28 days, and Perth, Brisbane and Darwin were again the slowest with the former at 100 and the two latter 65 days, respectively.

Vendor discounting was between 5.4 per cent and 8.5 per cent for houses across most capital cities, and between 6.1 per cent and 10.4 per cent for units.

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

Perth was the high-end exception for houses again at 9 per cent, and Darwin was the high-end exception for units again at 17 per cent.

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