Home values climbed in all but one of Australia’s capital cities last week, with Perth flatlining week-on-week rather than decreasing, according to the latest CoreLogic data.
Combined, the daily home value index grew 0.6 per cent in the week ending 18 June.
At 0.9 per cent Sydney’s rise was the biggest, with Melbourne close behind at 0.7 per cent. Brisbane and Adelaide both grew at just 0.1 per cent, CoreLogic’s Property Market Indicator data shows.
The monthly index was up 0.6 per cent for the week. It rose 9.1 per cent for the year. Sydney and Melbourne were the drivers at 11.5 per cent and 12.1 per cent respectively.
Listings were divided across most of Australia’s capital cities last week. At 7.6 per cent, Canberra remained the highest mover. It was joined by Sydney and Melbourne at 5.1 per cent and 5.0 per cent respectively. Perth, Brisbane, Hobart and Adelaide all ended the week in negative territory again at -17.5 per cent, -6.8 per cent, -1.2 per cent and -7.4 per cent respectively.
Houses remained more popular than units and the average time for houses on market remained largely steady in most capital cities. Sydney fared the best at 27 days each, followed by Canberra at 28 days and Melbourne at 29 days each.
Sydney performed the best for units at 28 days, followed by Melbourne at 30 days.
Vendor discounting was between 4.1 per cent and 5.1 per cent for houses across most capital cities, and between 4.1 per cent and 6.0 per cent for units.
Canberra was the low-end exception again, at 3.3 per cent for houses and 3.1 per cent for units.
Darwin was the high-side exception, at 9.1 per cent for houses and 11.8 per cent for units.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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