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Only one capital city declined in values last week
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Only one capital city declined in values last week

Only one capital city declined in values last week

by Sasha Karen | June 17, 2019 | 1 minute read

The latest weekly property market data has shown even further signs of value stabilisation across the country, with all major capital cities seeing values hold steady bar one.

Aerial shot of suburbs
June 17, 2019

Combined, the daily home value index held steady and saw no movement once again in the week ending 16 June, CoreLogic’s Property Market Indicator data showed.

Sydney, Melbourne, Brisbane and PerthPerth, TAS Perth, WA all saw no movement over the last week, with Adelaide the only capital city to record any movement at all, which was a decline of 0.2 of a percentage point.

The monthly index was down by 0.1 of a percentage point. It fell by 8.6 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year once again at 10.4 per cent, 9.8 per cent and 8.9 per cent, respectively.

New listing volumes were down, with just over half of Australia’s capital cities recording a decline again. Those that rose were Hobart, Darwin and Adelaide at 7.3 per cent, 7.1 per cent and 4.2 per cent, respectively.

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The largest declines were seen in Melbourne at 27.7 per cent, Sydney at 24.4 per cent (making last week 17 weeks of new listing declines in a row), Perth at 19.7 per cent, Canberra at 11.3 per cent and then Brisbane at 8.9 per cent.

Houses were again more popular than units, while the average time for houses on market fluctuated slightly, with Adelaide, Hobart and Darwin recording declines, Canberra and Perth recording rises and Sydney, Melbourne and Brisbane all recording no movement.

Hobart was the capital city with the fastest time on market for houses at 36 days, followed by Melbourne at 45 days and Sydney at 49 days, while Darwin, Perth and Brisbane had the slowest time on market at 90 days, 86 days and 73 days, respectively.

For units, Hobart was the fastest at 41 days, while Perth, Darwin and Brisbane were the slowest at 100 days for the two former capital cities and 89 days for the latter.

Vendor discounting was between 4.7 per cent and 8.7 per cent for houses across most capital cities and between 6.1 per cent and 10.5 per cent for units.

Canberra was again the low-end exception for both houses and units, with both at 4.2 per cent.

Meanwhile, Darwin was again the high-end exception for houses at 11 per cent, while Perth was the high-end exception for units at 11.1 per cent.

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