Home values, listings recovering, holding steady across most capital cities

Sydney, Melbourne, Adelaide and Perth all held steady last week, and Brisbane rose by a modest 0.1 per cent, CoreLogic’s Property Market Indicator data showed.

The monthly index fell by 0.3 per cent for the week. It rose by 2.0 per cent for the year. Melbourne remained the prime mover at 6.9 per cent, with Brisbane and Adelaide contributing 1.9 per cent and 2.2 per cent, respectively.

Listings recovered in some capital cities, led by Sydney and Perth at 6.2 per cent and 4.4 per cent, respectively. Hobart and Canberra continued to take heavy fire at -21.6 per cent and -17.6 per cent, respectively.

Houses remained more popular than units, and the average time on market for both houses and units began to thaw last week, with all of Melbourne, Hobart and Canberra leading the way at 33 days, 27 days and 34 days each for houses, and Hobart the clear leader for units at 27 days.

The worst performers for houses were Perth at 84 days, Darwin at 101 days and Brisbane at 74 days. For units, Darwin performed the poorest at 120 days.

Vendor discounting across most capital cities was between 4.3 per cent and 7.3 per cent for houses, and between 4.6 per cent and 5.9 per cent for units.

Hobart was the low-end exception for houses at 3.9 per cent and Canberra for units, also at 3.9 per cent.

Darwin was the high-end exception for houses at 9.0 per cent and Perth for units at 8.1 per cent.