Capital city property values mostly hold steady
Last week saw two major capital city markets decline, while the rest saw no movement at all, according to the latest data from CoreLogic.
The combined daily home value index declined by 0.1 percentage points during the week ending 19 August, according to the CoreLogic Property Market Indicator Summary.
Once again, Melbourne continued its trend for biggest decline of all the major capital city markets by 0.2 of a percentage point, Brisbane, which fell 0.1 of a percentage point.
The other major capital cities, Sydney, Adelaide and Perth all remained steady and did not move.
Listings declined across most of the capital cities, with the exceptions of Hobart and Canberra recording rises of 10.9 per cent and 10.3 per cent respectively, while Canberra remained steady.
Houses remained more popular than units, with the average time on market mostly declining across all capitals. Unsurprisingly, Hobart, Canberra and Melbourne performed best once again for houses at 28 days, 31 days and 34 days respectively. For units, Hobart, Melbourne and Sydney were on top once again at 31 days, 34 days and 45 days respectively.
Vendor discounting across most capital cities was between 4.3 per cent and 7.2 per cent for houses, and between 5.3 per cent and 9 per cent for units.
Canberra was the low-end exception for houses and units at 3 per cent and 4.7 per cent respectively.
Perth was the high-end exception for houses at 8 per cent while Darwin was the high-end exception for units at 9.3 per cent.
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