Home values hold firm in most capital cities

Home values held steady this week in all but one capital city, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.1 per cent in the week ending 11 February.

Sydney fell by 0.2 per cent while all of Melbourne, Brisbane, Adelaide and Perth recorded no change, CoreLogic’s Property Market Indicator data showed.

The monthly index fell by 0.5 per cent for the week. It rose by 2.8 per cent for the year. Melbourne remained the prime mover at 7.7 per cent, with Brisbane and Adelaide contributing 2.1 per cent and 2.4 per cent, respectively.

Listings fell again last week across most capital cities, led by Brisbane and Hobart at 6.8 per cent and 14.0 per cent, respectively. Canberra and Darwin both experienced gains, at 6.3 per cent and 3.8 per cent, respectively. 

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 33 days.

The worst performers were Perth at 83 days, Darwin at 91 days and Brisbane at 73 days.

Vendor discounting across most capital cities was between 4.6 per cent and 7.7 per cent for houses, and between 4.7 per cent and 5.9 per cent for units.

Canberra was the low-end exception for houses at 3.9 per cent and Hobart for units at 3.0 per cent.

Darwin was the high-end exception for houses at 9.0 per cent and Perth for units 10.0 per cent.

[Related: Investors abandoning mortgage market]

Home values hold firm in most capital cities
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Tim Neary

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