Surprise as Brisbane and Adelaide outperform Sydney and Melbourne

Home value climbed in all capital cities last week, but instead of Sydney and Melbourne leading the charge, Brisbane and Adelaide tool pole position, according to the latest CoreLogic Data

All capital cities moved up, led by Brisbane and Adelaide at 0.5 per cent. Sydney, at 0.3 per cent, and Melbourne and Perth, both at 0.1 per cent, followed, CoreLogic’s Property Market Indicator data shows.

The monthly index was up as well, by 2.3 per cent. It rose 12.7 per cent for the year, with Sydney and Melbourne still firmly in the driver’s seat at 18.9 per cent and 14.7 per cent respectively.

Most capital cities reported increases in listings in the week under review. At 42.0 per cent, Canberra’s growth was the highest again. Hobart, Melbourne, Sydney and Brisbane trailed somewhat off the pace at 8.8 per cent, 7.6 per cent, 8.5 per cent and 4.1 per cent respectively. Adelaide, Perth and Darwin reported reversals from the week prior to drops of 5.5 per cent, 7.8 per cent and 17.1 per cent respectively.

Houses remained more popular than units, and the average time for houses on market reduced in most capital cities. Sydney and Canberra fared the best at 26 days each, followed by Melbourne at 28 days.

Sydney performed the best for units at 25 days, followed by Melbourne at 29 days. Hobart and Canberra were not far behind at 31 and 34 average days on market respectively.

Vendor discounting was between 3.8 per cent and 5.8 per cent for houses across most capital cities, and between 3.8 per cent and 6.1 per cent for units.

Canberra was the exception again, on the low end for houses at 2.5 per cent.

Perth was the high side exception for houses at 7.1 per cent, while Darwin, at 8.6 per cent, was on the high side for units.