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Property prices continue to fall

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Staff Reporter 2 minute read

The latest CoreLogic data has found that home values fell in all but one capital city last week.

Combined, the daily home value index fell by 0.1 per cent in the week ending 28 January.

Sydney fell by 0.2 per cent; Melbourne, Adelaide and Perth all fell by 0.1 per cent; while Brisbane remained level, CoreLogic’s Property Market Indicator data showed.

The monthly index fell by 0.4 per cent for the week. It rose by 3.3 per cent for the year. Melbourne remained the prime mover at 8.1 per cent, with Brisbane and Adelaide contributing 2.2 per cent and 2.5 per cent, respectively.

Listings fell last week across most capital cities, led by Melbourne at -9.8 per cent, Darwin at -9.4 per cent and Sydney at -9.2 per cent. Canberra experienced the only gain at 16.6 per cent.

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Houses remained more popular than units, and the average time on market for both houses and units rose last week, with only Hobart holding steady at 36 days.

The worst performers were Darwin at 107 days, Perth at 79 days and Brisbane at 71 days.

Vendor discounting across most capital cities was between 4.6 per cent and 6.4 per cent for houses, and between 4.8 per cent and 6.1 per cent for units.

Hobart was the low-end exception for houses at 3.3 per cent and Canberra for units at 3.1 per cent.

Darwin was the high-end exception for houses at 9.9 per cent and Perth for units at 10.9 per cent.

Property prices continue to fall
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James Mitchell

James Mitchell

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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