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Growth

Home values creep in most capital cities

by Staff Reporter4 minute read
Home values

Home values increased marginally in all but one capital city last week, with Sydney being the only one that recorded a reversal, according to the latest CoreLogic data.

Combined, the daily home value index remained flat in the week ending 17 September.

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

The monthly index was up by 0.2 per cent for the week. It rose by 9.1 per cent for the year. Sydney and Melbourne remained the main drivers at 11.6 per cent and 12.2 per cent, respectively.

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Listings fell across most capital cities, with only Sydney at 5.0 per cent recording a positive return. Perth and Hobart were the two largest fallers at -13.7 per cent and -11.4 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market held steady last week, with Canberra, Melbourne and Sydney performing best at 25 days, 28 days and 30 days, respectively.

Perth and Darwin performed the worst at 90 days and 93 days each.

Vendor discounting across most capital cities was between 4.6 per cent and 7.7 per cent for houses, and between 4.3 per cent and 6.6 per cent for units.

Melbourne was the low-end exception for houses at 3.9 per cent and Canberra was the same for units at 2.9 per cent.

Darwin was the high-end exception for houses at 8.8 per cent and Perth for units, also at 8.8 per cent.

Home values creep in most capital cities
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James Mitchell

James Mitchell

AUTHOR

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

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