Home values down despite slight recovery
Although three of the major capital cities recorded rising home values, overall values were dragged down by declines in both Sydney and Melbourne, according to fresh data.
The combined five major capitals declined by 0.1 of a percentage point, according to the CoreLogic Property Market Indicator for the week ending 21 October.
Both Sydney and Melbourne dropped by 0.2 of a percentage point; Brisbane and Perth recorded no change; Adelaide climbed by 0.1 of a percentage point.
The combined monthly change was -0.6 of a percentage point.
Listings fell marginally week on week across the capital cities, although Brisbane, Hobart, Melbourne and Darwin all recorded increases. Darwin performed best at 17.3 per cent.
Sydney and Canberra performed worst, with declines of 12.9 per cent and 9.1 per cent, respectively.
Houses remained more popular than units, with the average time on market falling slightly across the capital cities. Canberra, Hobart and Melbourne performed best for houses at 26 days, 29 days and 34 days, respectively.
For units, Hobart and Melbourne were best at 26 days and 34 days, respectively.
Vendor discounting across most capital cities was between 4.6 per cent and 5.7 per cent for houses, and between 5.5 per cent and 6.7 per cent for units.
Canberra was the low-end exception for houses and units at 3.0 per cent and 3.4 per cent, respectively.
Darwin was the high-end exception for both houses and units at 8.7 per cent and 12.0 per cent, respectively.
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