Sydney, Melbourne values keep slumping, smaller markets rising

Adelaide and Brisbane both followed their rising trend from last week, with the former in its third week in a row of value increases, both rising 0.1 per cent. Meanwhile, Sydney and Melbourne both declined 0.1 per cent and Perth remained steady, the latest CoreLogic Property Market Indicator showed.

Listings fell in all capital cities but Canberra and Perth, which rose for the second week in a row, by 4 per cent and 2.1 per cent respectively. Keeping consistent with last week, the biggest decline was reported in Darwin at 38.8 per cent, followed by Adelaide and Sydney at 11.8 per cent and 11.6 per cent, respectively.

Houses remained more popular than units, with the median time on market declining 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 30 days, respectively.

The worst performers for houses were Brisbane, Darwin and Perth yet again at 62 days, 71 days and 78 days, respectively.

Vendor discounting across most capital cities was between 4.7 per cent and 6.7 per cent for houses, and between 4.6 per cent and 6.8 per cent for units.

Canberra was the low-end exception for houses and units at 2.7 per cent and 4.2 per cent respectively.

Perth and Darwin were both the high-end exception for houses at 7.9 per cent, and Perth was the high-end exception for units at 8.2 per cent.