Buyer’s market abounds as new capital city data released

Perth saw the largest decline at 0.5 of a percentage point, followed by Melbourne’s 0.2 of a percentage point and Sydney’s 0.1 of a percentage point.

Adelaide saw another consecutive month of holding steady, which was also joined by Brisbane.

The monthly index was down by 0.9 of a percentage point for the week. It fell by 7.9 per cent for the year. Sydney and Melbourne continued to remain the main drivers of declines at 10.3 per cent and 9.2 per cent, respectively.

Listings fell in all but three capital cities for the week, with Hobart leading the charge for listings growth at 6.3 per cent, followed by Canberra with 3.5 per cent, and then Darwin, which held steady. Meanwhile, Sydney and Melbourne declined the most, falling 25.3 per cent and 24.2 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market slightly declined overall. Both Hobart houses and units had the fastest time on market yet again at 45 and 33 days, respectively.

Meanwhile the capital cities to experience the slowest days on market were Brisbane at 90 days, and Perth units at 104 days.

Vendor discounting was between 5.7 per cent and 8.6 per cent for houses across most capital cities, and between 5.9 per cent and 7.5 per cent for units.

Canberra was the low-end exception for both houses and units once again, at 3.7 per cent and 3.1 per cent, respectively.

Sydney was the high-end exception for houses once again at 8.9 per cent, while Perth was the high-end exception for units once again at 8.6 per cent.