Sydney, Melbourne continue to slip as other capital cities hold steady
Following last week, Sydney and Melbourne saw declines in dwelling value, as the other capital cities show signs of recovery, the latest CoreLogic data showed.
The combined daily home value index declined by 0.1 of a percentage point during the week ending 1 July.
Adelaide was the only capital city to see a rise in its home value this week, notably the seventh in a row, as it lifted by 0.1 of a percentage point. Brisbane and Perth both held steady.
Listings continued to slide across all capital cities with the exception of Canberra, which lifted marginally. Unsurprisingly, the largest falls came in Sydney, Melbourne and Perth.
Houses remained more popular than units, with the average time on market drifting in most capitals. Hobart, Canberra and Melbourne performed best for houses at 29 days, 35 days and 33 days, respectively. For units, Hobart and Melbourne were ahead of the others at 28 days and 32 days each.
Days on market continue to blow out in all markets for Brisbane, Perth and Darwin.
Vendor discounting across most capital cities was between 3.6 per cent and 5.8 per cent for houses, and between 4.9 per cent and 7.4 per cent for units.
Canberra was the low-end exception for houses and units at 2.0 per cent and 4.3 per cent, respectively.
Darwin was both the high-end exception for houses and units at 10.2 per cent and 12.7 per cent, respectively.
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