Normality returns to housing markets in last week’s data

Returning more to form, Perth, Sydney and Melbourne all recorded declines, the former falling 0.1 of a percentage point and the two latter falling 0.2 of a percentage point.

The monthly index was down by 0.5 of a percentage point. It fell by 8.8 per cent for the year. Sydney, Melbourne and Perth recorded the highest declines for the year at 10.9 per cent, 10 per cent and 8.3 per cent, respectively.

New listing volumes were down, with every single capital city recording a decline, resulting in a combined capital city loss of 30.8 per cent.

The largest declines were seen in Melbourne with 37.7 per cent, Sydney at 37.3 per cent (making last week 10 weeks of new listing declines in a row) and Canberra at 25.1 per cent. Hobart saw the smallest decline at 7 per cent.

Houses were more popular than units, and the average time for houses on market rose in every capital city market except for Brisbane.

Canberra was once again the capital city with the fastest time on market for houses at 39 days, followed by Hobart with 40, while Darwin, Perth and Brisbane had the slowest time on market at 93 days, 77 days and 66 days, respectively.

For units, Hobart was once again the fastest at 26 days, while Darwin, Brisbane and Perth were again the slowest at 84, 78 and 77 days, respectively.

Vendor discounting was between 5.3 per cent and 8.6 per cent for houses across most capital cities, and between 5 per cent and 11 per cent for units.

Canberra was the low-end exception for houses at 3.9 per cent for houses, while Hobart was the low-end exception for units at 3.2 per cent.

Darwin was the high-end exception for houses and units at 8.8 per cent and 17 per cent, respectively.

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