One capital city stands out among the rest for value improvement
Australia’s major capital cities experienced more of the same from the previous week, with the exception of one capital city which saw values increase, according to the latest data from CoreLogic.
For the week ending 16 September 2018, the combined five major capitals saw a decline of 0.1 of a percentage point. Melbourne’s home values declined by 0.2 of a percentage point for another week, Sydney declined by 0.1 of a percentage point and Perth declined by 0.3 of a percentage point.
Both Brisbane and Adelaide avoided the declines, with the former holding steady for another week while the latter seeing a value increase of 0.1 of a percentage point.
Listings declined yet again across most capital cities, with last week’s exceptions of Hobart and Canberra reversing the trend again. Hobart rose by 11 per cent and Canberra was up by 8.5 per cent.
Houses remained more popular than units, with the average time on market for the most part improving across the capital cities. Canberra, Hobart and Melbourne performed the best for houses at 27 days, 32 days and 33 days, respectively.
For units, Hobart, Melbourne and Sydney were on top for best days on market again at 30 days, 32 days and 41 days, respectively.
Vendor discounting across most capital cities was between 5.2 per cent and 7.8 per cent for houses, and between 5.1 per cent and 7.5 per cent for units.
Canberra was the low-end exception for houses and units at 2 per cent and 2.9 per cent, respectively.
Perth was the high-end exception for houses and units at 8.1 per cent and 8.9 per cent, respectively.
More from this writer:
-
Where to find winners in the WA market
-
How rents have performed for investors so far this year
-
How to save money with a new repayment strategy
-
Popular capital cities on the rise as market softens over June
-
Cash rate call for July 2019 revealed
-
New property sales rebound over May
-
How far can a $500,000 budget get you in Sydney?