Capital city values continue to soften

Monday 10 Dec 2018

Adelaide remained steady last week while all other capital cities recorded value falls, latest data shows.

Combined, the daily home value index fell by 0.1 of a percentage point in the week ending 9 December.

Sydney, Melbourne, Perth and Brisbane repeated their declines from the week prior, falling by 0.5 of a percentage point, 0.3 of a percentage point, 0.2 of a percentage point and 0.1 of a percentage point, respectively.

Meanwhile, Adelaide remained steady and saw no movement, CoreLogic’s Property Market Indicator data shows.

The monthly index was down by 0.4 of a percentage point for the week. It fell by 5.6 per cent for the year. Sydney and Melbourne were the main drivers at -7.8 per cent and -6.1 per cent.

Listings rose again across most capital cities for the week, with only Sydney and Melbourne declining. Sydney fell by 11.5 per cent and Melbourne fell by 8.4 per cent, and all the rest were positive. Canberra and Hobart were the top performers at 11.8 per cent and 11.2 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market declined across most capital cities. Canberra and Melbourne had the smallest time on market at 29 and 35 days each, while Perth and Darwin saw no movement from the week before and remained at the higher end at 72 days and 80 days, respectively.

Vendor discounting was between 4.3 per cent and 7.9 per cent for houses across most capital cities, and between 4.4 per cent and 8.8 per cent for units.

Canberra was the low-end exception for houses at 3.2 per cent, while Hobart was the low-end exception of units at 2.7 per cent.

Darwin both was the high-end exception for houses and units at 9.1 per cent and 9.7 per cent, respectively.

- Sasha Karen