Sydney values recover while overall major markets hold steady

Both Adelaide and Brisbane kept their rising trend from the last few weeks, and was also joined by Sydney, as all three saw values rise by 0.1 of a percentage point. Melbourne managed to hold steady, but Perth saw a decline of 0.1 of a percentage point.

Listings declined across every capital city, with a combined decline of 6.8 per cent. Perth saw the smallest decline at 0.2 of a percentage point, while the largest declines were once again noticed in Sydney, Adelaide and Darwin at 11.8 per cent, 12.9 per cent and 27.8 per cent.

Houses remained more popular than units, with the median time on market rising 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, 29 days and 31 days, respectively.

The worst performers for houses were the same as last week; Brisbane, Darwin and Perth at 62 days, 72 days and 80 days, respectively.

Vendor discounting across most capital cities was between 5 per cent and 7.2 per cent for houses, and between 4.5 per cent and 6.9 per cent for units.

Canberra was the low-end exception for houses and units at 2.9 per cent and 3.9 per cent respectively.

Perth was both the high-end exception for houses and units at 7.9 per cent and 8.4 per cent respectively.