Two major markets avoid value decline amid overall drop

Melbourne continued its trend for biggest decline of all the major capital city markets by 0.3 of a percentage point, followed by Sydney and Perth, which both declined by 0.1 of a percentage point.

Adelaide, the previous week’s only major capital city market to rise remained steady and did not see any value movement, while Brisbane was the only major market to record a positive value change at a rise of 0.2 of a percentage point.

Listings declined across most of the capital cities, with houses in Canberra, Hobart and Darwin recording rises of 14.8 per cent, 11.6 per cent and 11.1 per cent respectively. The largest fall was recorded in Perth, followed by Sydney.

Houses remained more popular than units, with the average time on market mostly declining across all capitals. Once again, Hobart, Canberra and Melbourne performed best for houses at 28 days, 31 days and 35 days respectively. For units, Hobart, Melbourne and Sydney were on top again at 29 days, 35 days and 45 days respectively.

Vendor discounting across most capital cities was between 4.1 per cent and 7 per cent for houses, and between 5.1 per cent and 6.4 per cent for units.

Canberra was the low-end exception for houses and units at 2.6 per cent and 4.6 per cent respectively.

Perth was the high-end exception for houses and units at 8.1 per cent at 9 per cent respectively.