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One capital city avoids decline in latest data

One capital city avoids decline in latest data

by Sasha Karen | July 01, 2019 | 1 minute read

Only one major capital city saw growth in the latest weekly property market data amid some minor fluctuations.

Melbourne
July 01, 2019

Combined, the daily home value index held steady and saw no movement once again in the week ending 30 June, CoreLogic’s Property Market Indicator data showed.

Melbourne was the only capital city to record any movement, rising by 0.2 of a percentage point again.

Meanwhile, Brisbane recorded the largest decline, falling by 0.2 of a percentage point and Sydney and Adelaide recorded no movement.

The monthly index also saw no movement and held steady. It fell by 8.3 per cent for the year. Sydney, Melbourne and PerthPerth, TAS Perth, WA recorded the highest declines for the year once again at 9.9 per cent, 9.2 per cent and 9.1 per cent, respectively.

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New listing volumes were down, with declines in every state and territory.

The largest declines were seen in Melbourne at 31.9 per cent, Sydney at 29.5 per cent (making last week 19 weeks of new listing declines in a row), Perth at 19 per cent, Canberra at 13.5 per cent, Brisbane at 12.4 per cent, Adelaide at 6 per cent, Hobart at 4.1 per cent and then Darwin at 1.3 per cent.

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

Hobart was the capital city with the fastest time on market for houses at 35 days, followed by Melbourne at 43 days and Sydney at 45 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 87 days for both Perth and Darwin and 76 days for Brisbane.

Vendor discounting was between 4 per cent and 8.8 per cent for houses across most capital cities and between 5.6 per cent and 7.5 per cent for units.

Canberra was once again the low-end exception for both houses and units, at 3.6 per cent and 4.9 per cent, respectively.

Meanwhile, Darwin was the high-end exception for houses again at 9.4 per cent, while Perth was the high-end exception for units again at 11.2 per cent.

One capital city avoids decline in latest data
Melbourne
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