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Nation's biggest markets defy trends in latest data
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Nation's biggest markets defy trends in latest data

Nation's biggest markets defy trends in latest data

by Sasha Karen | June 24, 2019 | 1 minute read

Defying trends, the largest two capital cities recorded value rises in the latest weekly property market data.

Sydney and Melbourne
June 24, 2019

Combined, the daily home value index held steady and saw no movement again in the week ending 23 June, CoreLogic’s Property Market Indicator data showed.

Melbourne recorded the largest rise at 0.2 of a percentage point, followed by Sydney at 0.1 of a percentage point. Meanwhile, Adelaide and PerthPerth, TAS Perth, WA both saw the largest declines at 0.3 of a percentage point each, followed by Brisbane, which declined by 0.1 of a percentage point.

The monthly index was down by 0.1 of a percentage point. It fell by 8.5 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year again at 10.1 per cent, 9.6 per cent and 9.1 per cent, respectively.

New listing volumes were down, with declines in every state and territory bar Hobart and Adelaide, which rose by 2.3 per cent and 0.2 of a percentage point, respectively.

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The largest declines were seen in Melbourne at 29.4 per cent, Sydney at 27 per cent (making last week 18 weeks of new listing declines in a row), Perth at 17.2 per cent, Canberra at 16.6 per cent, Brisbane at 10.8 per cent and then Darwin at 17.2 per cent.

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

Hobart was the capital city with the fastest time on market for houses at 36 days, followed by Melbourne at 43 days and Sydney at 48 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 86 days, 77 days and 75 days, respectively.

Vendor discounting was between 4.2 per cent and 8.7 per cent for houses across most capital cities and between 5.5 per cent and 10.4 per cent for units.

Canberra was once again the low-end exception for both houses and units, at 3.7 per cent and 4.7 per cent, respectively.

Meanwhile, Darwin was the high-end exception for houses at 10.4 per cent, while Perth was the high-end exception for units at 11.5 per cent.

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