One capital city sees rise in property values

The combined daily home value index declined by 0.1 of a percentage point during the week ending 26 August, according to the CoreLogic Property Market Indicator Summary.

Perth was the week’s largest declining major capital city, falling by 0.3 of a percentage point, while Sydney, Melbourne and Brisbane all followed with a decline of 0.1 of a percentage point each.

Meanwhile, Adelaide recorded a value rise of 0.2 of a percentage point.

Listings declined across most of the capital cities, with the exceptions of Hobart and Canberra again, recording rises of 10.4 per cent and 4.7 per cent, respectively.

Houses remained more popular than units, with the average time on market fluctuating with equal numbers of declines and rises across the capital cities. Hobart, Canberra and Melbourne performed the best yet again for houses, with the former two capital cities at 29 days and the latter at 33 days. For units, Hobart, Melbourne and Sydney were on top yet again at 31 days, 33 days and 45 days, respectively.

Vendor discounting across most capital cities was between 4.8 per cent and 7.1 per cent for houses, and between 5.1 per cent and 10.1 per cent for units.

Canberra was the low-end exception for houses and units at 2.7 per cent and 3.5 per cent, respectively.

Perth was the high-end exception for houses at 8.4 per cent while Darwin was the high-end exception for units at 11 per cent.