Rising house values
When it comes to the value of your property, a recent report brings some good news. House values have risen across all capital cities with the exception of Sydney, which had a reversal as the market there stalls.
According to the latest CoreLogic data released this week, Sydney home values decreased by 0.2%. Yet Perth had an increase of the same amount (0.2%), making it the biggest rise of a capital city in the country. Melbourne, Adelaide and Brisbane all had an equal increase if 0.1%.
Combining these figures, the data revealed that the daily home value index remained flat. However, when it comes to the monthly index, it was up by 9.1% for the year, with Sydney leading the charge along with Melbourne. Sydney was also the only city with a positive return in listings (at 5.0%), whereas Hobart and Perth fell to over 10%.
For the average time for houses in market, get in quick if you plan on buying in Canberra. The capital city snared the title of quickest city to have a property up for sale, with houses only being in market for less than a month; an average of 25 days. In Melbourne it’s a similar story, with the average being 28 days, and Sydney isn’t far behind, with a 30 day average. Unfortunately for sellers in Darwin and Perth, more patience is required: 93 days was the average time for Darwin and 90 for Perth.
Listings in Sydney are up at 5.0%, however in Perth and Hobart they’re not doing so well. In Perth listings fell at -13.7% and in Darwin they stand at -11.4%.
In terms of vendor discounts, Melbourne is at the lowest end at 3.9% for houses, as is Canberra at 2.9% for units. Darwin and Perth however are at the highest end, with 8.8% for houses in the top end and the same figure for units in Perth.