Home values slide in most capital cities
Home values fell in all but one capital city last week, with Brisbane the only one recording an increase, according to the latest CoreLogic data.
Combined, the daily home value index fell by 0.2 per cent in the week ending 27 August.
Brisbane increased by 0.5 per cent, while all of Sydney, Melbourne, Adelaide and Perth fell by 0.4 per cent, 0.2 per cent, 0.6 per cent and 0.6 per cent, respectively, CoreLogic’s Property Market Indicator data showed.
The monthly index was up by 0.6 per cent for the week. It rose by 10 per cent for the year. Sydney and Melbourne remain the main drivers at 11.6 per cent and 15.4 per cent.
Listings dropped across most capital cities for the week, with only Sydney, Melbourne and Darwin remaining in the black. Darwin climbed the most at 15.8 per cent while Perth was the biggest loser, falling by 9.6 per cent.
Houses remained more popular than units, and the average time for houses on market fell slightly week on week, with Canberra fairing the best at 26 days.
Melbourne and Sydney followed at 28 days and 31 days, respectively. Perth and Darwin performed the worst at 84 days and 78 days each.
Vendor discounting was between 4.6 per cent and 7.8 per cent for houses across most capital cities, and between 4.4 per cent and 7.4 per cent for units.
Canberra was the low-end exception for both houses and units at 2.9 per cent and 3.3 per cent, respectively.
Darwin was the high-end exception for both houses and units at a respective 8.9 per cent and 9.6 per cent.
More from this writer:
-
The top 6 winter risks investors face, and how to navigate them
-
Investors record mortgage wins, non-major lenders surge in popularity
-
Gearing change may create investing ‘reversal’
-
Mix of ups and downs in property market last week
-
House prices more attainable across most capital cities over 2018’s final quarter
-
Unpopular capital city set for strong 2019
-
Investor appetite for borrowing slows, new data shows