Home values fell in three of Australia’s capital cities last week, while both Sydney and Melbourne made meaningful gains, according to the latest CoreLogic data.
Combined, the daily home value index grew 0.6 per cent in the week ending 25 June.
At 1.0 per cent, Sydney’s gain was the highest, with Melbourne close behind at 0.8 per cent. Adelaide, Brisbane and Perth fell 1.0 per cent, 0.3 per cent and 0.2 per cent respectively, CoreLogic’s Property Market Indicator data shows.
The monthly index was up 1.3 per cent for the week. It rose 9.0 per cent for the year. Sydney and Melbourne were the drivers at 11.8 per cent and 12.2 per cent respectively.
Listings remained divided across most of Australia’s capital cities last week. At 10.3 per cent, Melbourne was the most buoyant. Sydney followed at 5.5 per cent. Darwin and Perth fell heavily, -16.0 per cent and -12.0 per cent respectively.
Houses remained more popular than units and the average time for houses on market was largely steady in most capital cities. Sydney and Melbourne fared the best at 28 days each, followed by Canberra and Hobart at 30 days and 33 days respectively.
Sydney performed the best for units at 28 days, followed by Melbourne at 30 days.
Vendor discounting was between 4.0 per cent and 5.6 per cent for houses across most capital cities, and between 4.6 per cent and 6.0 per cent for units.
Canberra was the low-end exception for houses at 3.3 per cent and Sydney was the low-end exception for units at 4.3 per cent.
Perth was the high-side exception for houses at 7.5 per and Darwin for units at 10.8 per cent.