Weekly market data, auction results show green shoots post-election

Sydney recorded the highest positive weekly change of 0.3 of a percentage point, followed by both Melbourne and Adelaide, which rose by 0.1 of a percentage point.

Meanwhile, Brisbane declined by 0.1 of a percentage point, as did Perth, which fell by 0.5 of a percentage point.

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 again at 10.8 per cent, 10 per cent and 8.6 per cent, respectively.

New listing volumes were down with most capital cities recording a decline. Those that rose were Darwin with 8.1 per cent, Hobart with 2.5 per cent and Adelaide at 1.1 per cent.

The largest declines were seen in Sydney at 23.7 per cent (making last week 14 weeks of new listing declines in a row), Melbourne at 22.7 per cent, Perth at 17.5 per cent and Brisbane at 11.5 per cent.

Houses were again more popular than units, and the average time for houses on market rose in most capital cities, except for Brisbane and Hobart, where it held steady, and Darwin, where figures declined.

Hobart was the capital city with the fastest time on market for houses again at 38 days, followed by Melbourne and Sydney at 48 and 50 days, respectively; while Darwin, Perth and Brisbane had the slowest time on market at 92 days, 85 days and 71 days, respectively.

For units, Hobart was again the fastest at 36 days, while Perth, Darwin and Sydney were the slowest at 89, 78 and 76 days, respectively.

Vendor discounting was between 5.2 per cent and 8.4 per cent for houses across most capital cities and between 7.2 per cent and 10 per cent for units.

Canberra was the low-end exception for both houses and units again at a respective 4 per cent and 5.1 per cent.

Darwin was the high-end exception for houses and units again at 9.4 per cent and 10.9 per cent, respectively.

Of significant note was the auction results, which show the clearance rate currently at 62.6 per cent, while last week it sat at an eight-month high of 55.2 per cent. CoreLogic’s data showed Melbourne had a clearance rate of 60.7 per cent, while Sydney recorded 56.5 per cent, with the possibility for Sydney to reach over 60 per cent this week.