Values decline in all major capital cities
Downward trends are continuing across Australian property markets, with fresh data showing a price drop across all major capital cities last week.
Perth was the deepest at -0.3 of a percentage point, followed by Melbourne at -0.2 of a percentage point and then all of Sydney, Brisbane and Adelaide at -0.1 of a percentage point, according to figures from CoreLogic.
The combined weekly change was -0.1 of a percentage point for the week ending 7 October 2018.
The combined monthly change was -0.6 of a percentage point.
Listings fell again week on week, with Perth and Sydney taking the most flak at -8.4 per cent and -8.9 per cent, respectively. Darwin, Canberra and Hobart stemmed the tide though, with Darwin performing remarkably well with an 18.1 per cent increase in listings.
Houses have remained perennially more popular than units, and the average time on market held firm. Canberra, Hobart and Melbourne performed the best for houses again last week at 26 days, 30 days and 33 days, respectively.
For units, Hobart, Melbourne and Sydney were on top for best days on market once again at 24 days, 33 days and 43 days, respectively.
Vendor discounting across most capital cities was between 5.0 per cent and 6.4 per cent for houses, and between 5.7 per cent and 6.5 per cent for units.
Canberra was the low-end exception for houses and units at 2.6 per cent and 3.0 per cent, respectively.
Perth was the high-end exception for houses at 8.0 per cent while Darwin was the high-end exception for units at 9.7 per cent.
