Listings numbers contract as home values continue to slide

The combined daily home value index declined by 0.1 per cent in the week ending 18 March.

Sydney, Melbourne and Adelaide all declined by 0.1 per cent for the week, while Brisbane and Perth held steady, the latest CoreLogic Property Market Indicator showed.

New listings declined across all but one of the capital cities, with the biggest decline in Darwin at 17.7 per cent, followed by one of last week’s lowest performers, Hobart, at 12.2 per cent, and Melbourne at 6.8 per cent. Meanwhile, Perth continued to be the best performing capital city for listings growth at 2.2 per cent.

Houses remained more popular than units, with the median time on market slightly decreasing overall, with Hobart, Canberra and Melbourne continuing to lead the way for houses at 25 days, 27 days and 29 days, respectively.

Some of the worst performers for houses were Brisbane and Perth at 69 days and 84 days, respectively.

Darwin in particular saw the best improvement for its time on market for both houses and units. For houses, the city improved to 85 days, down by 16 days (yet still was the worst performer for houses); units saw an improvement of 64 days, down by 23 days.

Vendor discounting across most capital cities was between 4.1 per cent and 7.5 per cent for houses and between 3.6 per cent and 8.3 per cent for units.

Canberra was the low-end exception for both houses and units at 3.0 per cent and 3.1 per cent, respectively.

Darwin was the high-end exception for houses and units at 7.7 per cent and 13.2 per cent, respectively.