Home values remain static as industry sits on its hands

Melbourne and Perth both increased by 0.1 per cent, Sydney fell by 0.1 per cent, and Brisbane and Adelaide remained unchanged, CoreLogic’s Property Market Indicator data showed.

The monthly index fell by 0.1 per cent for the week. It rose by 6.8 per cent for the year. Sydney and Melbourne remained the main drivers at 7.4 per cent and 10.9 per cent, respectively, although Adelaide began to exert some influence on the annual change at 6.8 per cent.

Listings rose marginally across most capital cities; only Sydney, Melbourne and Adelaide recorded modest increases, and Canberra once again accelerated impressively, this time by 29.6 per cent.

Brisbane, Darwin and Perth all fell by 8.4 per cent, 15.7 per cent and 7.8 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market shortened marginally last week, with Canberra, Melbourne and Sydney performing best at 26 days, 29 days and 30 days, respectively.

Perth and Darwin performed the worst at 76 days and 104 days each.

Vendor discounting across most capital cities was between 4.0 per cent and 7.1 per cent for houses, and between 4.6 per cent and 7.7 per cent for units.

Canberra was the low-end exception for both houses and units at 2.4 per cent and 4.1 per cent, respectively.

Darwin was the high-end exception for both houses and units at 11.1 per cent and 13.2 per cent, respectively.