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One city avoids price fall over last week of data
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One city avoids price fall over last week of data

One city avoids price fall over last week of data

by Sasha Karen | May 13, 2019 | 1 minute read

The latest weekly property market data showed that all but one capital city saw a price fall, while the one left over managed to see its price hold steady.

May 13, 2019

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 12 May, CoreLogic’s Property Market Indicator data showed.

Adelaide was the only capital city not to record a value fall, holding steady.

Meanwhile, Sydney, Melbourne, Brisbane and PerthPerth, TAS Perth, WA all recorded declines, with Sydney falling the most at 0.4 of a percentage point, Brisbane and Perth both falling 0.2 of a percentage point, and then Melbourne falling only by 0.1 of a percentage point.

The monthly index was down by 0.6 of a percentage point. It fell by 8.9 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year at 11.2 per cent, 10 per cent and 8.4 per cent, respectively.

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New listing volumes were down, with every single capital city recording a decline once again, resulting in a combined capital city loss of 28.2 per cent.

The largest declines were seen in Sydney at 35 per cent (making last week 12 weeks of new listing declines in a row), Melbourne with 32.9 per cent, Perth at 24.4 per cent, Brisbane at 22 per cent, Darwin at 21.2 per cent, Hobart at 21 per cent, Canberra at 18.5 per cent and Adelaide with the smallest decline at 9.7 per cent.

Houses were again more popular than units, and the average time for houses on market rose in every capital city bar Perth, where it declined.

Hobart was the capital city with the fastest time on market for houses at 41 days, followed by both Melbourne and Canberra with 45, while Darwin, Perth and Brisbane had the slowest time on market at 90 days, 77 days and 71 days, respectively.

For units, Hobart was again the fastest at 34 days, while Perth, Darwin and Brisbane were again the slowest at 89, 81 and 77 days, respectively.

Vendor discounting was between 5.5 per cent and 8.2 per cent for houses across most capital cities and between 5.4 per cent and 10.3 per cent for units.

Canberra was once again the low-end exception for houses at 4 per cent for houses, while Hobart was once again the low-end exception for units at 4.2 per cent.

Darwin was once again the high-end exception for houses and units at 10.3 per cent and 12.6 per cent, respectively.

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