The latest weekly property market data has shown further signs of stabilisation in the market, with most major capital cities seeing values hold steady.
Combined, the daily home value index held steady and saw no movement in the week ending 9 June, CoreLogic’s Property Market Indicator data showed.
The monthly index was down by 0.2 of a percentage point. It fell by 8.7 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year again at 10.6 per cent, 9.8 per cent and 9 per cent, respectively.
New listing volumes were down, with just over half of Australia’s capital cities recording a decline. Those that rose were Hobart and Darwin with 9.7 per cent and Adelaide with 3.3 per cent.
The largest declines were seen in Melbourne at 27.8 per cent, Sydney at 24.3 per cent (making last week 16 weeks of new listing declines in a row), Perth at 17.5 per cent, and then both Brisbane and Canberra at 8.8 per cent.
Houses were again more popular than units, and the average time for houses on market held steady across half the market, with Sydney and Melbourne recording declines, Darwin recording a rise and Brisbane, Adelaide, Hobart and Canberra all recording no movement.
Hobart was the capital city with the fastest time on market for houses at 38 days once again, followed by Melbourne at 45 days and Sydney at 49 days, while Darwin, Perth and Brisbane had the slowest time on market at 105 days, 85 days and 73 days, respectively.
For units, Melbourne was the fastest at 42 days, while Perth, Brisbane and Darwin were the slowest at 102, 90 and 74 days, respectively.
Vendor discounting was between 5.2 per cent and 8.6 per cent for houses across most capital cities and between 5.5 per cent and 10.3 per cent for units.
Canberra was again the low-end exception for both houses and units at 4.2 per cent and 4.4 per cent, respectively.
Meanwhile, Darwin was again the high-end exception for houses and units at 9.5 per cent and 11.5 per cent, respectively.