Home values in major markets see slight slump
Home values in the major capital cities for the most part declined, with a few rises recorded in other major cities, the latest CoreLogic data showed.
The combined daily home value index declined during the week ending 27 May by 0.1 per cent.
Adelaide continued its rising trend from last week, along with Brisbane, which both rose 0.2 per cent, while Sydney and Perth both declined 0.1 per cent and Melbourne declined by 0.2 per cent, the latest CoreLogic Property Market Indicator showed.
Listings fell in all capital cities but Canberra, Perth and Hobart, which rose by 6.5 per cent, 4.1 per cent and 3.4 per cent respectively. The biggest decline was reported in Darwin at 36.6 per cent, followed by Sydney and Adelaide at 9.4 per cent and 8.5 per cent, respectively.
Houses remained more popular than units, with the median time on market fluctuating compared to last week. Continuing on from last week’s trend, Canberra, Hobart and Melbourne were the best performers for houses, with the median time on market at 27 days, 28 days and 31 days, respectively.
The worst performers for houses were Brisbane, Perth and Darwin yet again at 62 days, 76 days and 77 days, respectively.
Vendor discounting across most capital cities was between 4.7 per cent and 7.6 per cent for houses, and between 4.4 per cent and 6.3 per cent for units.
Canberra was the low-end exception for houses at 3 per cent, and Melbourne was the low-end exception for units at 4.3 per cent.
Perth was the high-end exception for houses and units, both at 7.9 per cent.
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