Capital city home values stabilise across the country
Nationwide, home values held in all but two capital cities over the last week, according to the latest CoreLogic data.
Combined, the daily home value index fell by 0.1 per cent in the week ending 4 February.
Sydney fell by 0.2 per cent and Perth fell 0.2 per cent, while all of Melbourne, Brisbane and Adelaide recorded no change, CoreLogic’s Property Market Indicator data showed.
The monthly index fell by 0.5 per cent for the week. It rose by 3.0 per cent for the year. Melbourne remained the prime mover at 7.9 per cent, with Brisbane and Adelaide contributing 2.2 per cent and 2.3 per cent, respectively.
Listings fell again last week across most capital cities, led by Brisbane and Sydney at 7.3 per cent and 6.3 per cent respectively. Canberra experienced the only gain at 17.8 per cent.
Houses remained more popular than units, and the average time on market for both houses and units rose last week, with only Hobart holding steady at 35 days.
The worst performers were, Perth at 82 days, Darwin at 74 days, and Brisbane at 71 days.
Vendor discounting across most capital cities was between 4.6 per cent and 7.8 per cent for houses, and between 4.5 per cent and 6.2 per cent for units.
Hobart was the low-end exception for houses at 4.4 per cent and Canberra for units at 4.0 per cent.
Darwin was the high-end exception for houses at 9.3 per cent and Perth for units at 10.3 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