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Two cities avoid price drop in post-election run

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Two cities avoid price drop in post-election run

by Sasha Karen 03 June 2019 1 minute read

Coming off the last week prior’s post-election property high, the latest weekly property market data has stabilised, with two capital cities avoiding value falls.

Aerial shot of property
June 03, 2019

Combined, the daily home value index fell by 0.1 of a percentage point in the week ending 2 June, CoreLogic’s Property Market Indicator data showed.

Adelaide was the only capital city to record a value rise, which rose by 0.1 of a percentage point.

Meanwhile, PerthPerth, TAS Perth, WA lead the declines at 0.3 of a percentage point, followed by Brisbane at 0.2 of a percentage point, and then Melbourne with 0.1 of a percentage point.

Sydney avoided any declines or rises and held steady.

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The monthly index was down by 0.4 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 8.8 per cent, respectively.

New listing volumes were down, with most capital cities recording a decline. Those that rose were Hobart with 9.7 per cent, Darwin with 4.9 per cent and Adelaide at 3.3 per cent.

The largest declines were seen in Sydney at 25.5 per cent (making last week 15 weeks of new listing declines in a row), Melbourne at 24.6 per cent, Canberra at 18.1 per cent and Perth at 17.2 per cent.

Houses were again more popular than units, and the average time for houses on market fluctuated across the capital cities, with Melbourne, Darwin and Canberra reporting declines, Brisbane and Perth recording rises and Sydney, Adelaide and Hobart holding steady.

Hobart was the capital city with the fastest time on market for houses at 38 days again, followed by Melbourne, Sydney and Canberra at 46 days for the former and 50 days for the two latter; while Perth, Darwin and Brisbane had the slowest time on market at 87 days, 79 days and 73 days, respectively.

For units, Hobart was once again the fastest at 39 days, while Perth, Brisbane and Darwin were the slowest at 89, 84 and 78 days, respectively.

Vendor discounting was between 5.2 per cent and 8.3 per cent for houses across most capital cities and between 6.7 per cent and 9.5 per cent for units.

Canberra was once again the low-end exception for both houses and units at a respective 4.3 per cent and 5.2 per cent.

Meanwhile, Darwin was once again the high-end exception for houses and units at 9.4 per cent and 11.2 per cent, respectively.

Two cities avoid price drop in post-election run
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Sasha Karen

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