The latest weekly property market data returned mixed results, but there was a small win for one capital city.
Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 5 May, CoreLogic’s Property Market Indicator data showed.
Adelaide continued its rise from the week prior 0.1 of a percentage point, while held steady and saw no movement.
The monthly index was down by 0.5 of a percentage point. It fell by 8.8 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year at 10.9 per cent, 10.1 per cent and 8.3 per cent, respectively.
New listing volumes were down, with every single capital city recording a decline again, resulting in a combined capital city loss of 28.7 per cent.
The largest declines were seen in Melbourne with 34.1 per cent, Sydney at 33.6 per cent (making last week 11 weeks of new listing declines in a row) and Perth at 24.1 per cent. Darwin saw the smallest decline at 11.1 per cent.
Houses were again more popular than units, and the average time for houses on market rose for the most part.
Hobart was the capital city with the fastest time on market for houses at 40 days, followed by Canberra with 41, while Perth, Darwin and Brisbane had the slowest time on market at 79 days, 78 days and 70 days, respectively.
For units, Hobart was again the fastest at 26 days, while Darwin, Perth and Brisbane were again the slowest at 134, 81 and 77 days, respectively.
Vendor discounting was between 5 per cent and 8.3 per cent for houses across most capital cities and between 5.2 per cent and 9.6 per cent for units.
Canberra was again the low-end exception for houses at 4.1 per cent for houses, while Hobart was again the low-end exception for units at 3.9 per cent.
Darwin was again the high-end exception for houses and units at 8.8 per cent and 14.4 per cent, respectively.