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House prices on the up and up

Despite efforts by APRA to cool lending to property investors, new data from CoreLogic shows Australian house prices are continuing to grow.

Home values maintain their upward shift this week in all but one capital city, with Perth the only one bucking the trend, according to the latest CoreLogic data.

Combined, the daily home value index grew by 0.3 per cent in the week ending 13 August.

Perth fell by 0.4 per cent, while all of Sydney, Melbourne, Brisbane and Adelaide grew by 0.5 per cent, 0.1 per cent, 0.2 per cent and 0.6 per cent, respectively, CoreLogic’s Property Market Indicator data shows.

The monthly index was up by 0.3 per cent for the week. It rose by 10.6 per cent for the year. Sydney and Melbourne remain the main drivers at 12.7 per cent and 15.8 per cent.

Listings tailed slightly across the country’s capital cities for the week, although Sydney performed well. Sydney climbed by 10.9 per cent, but Perth, Hobart and Darwin all fell substantially by 11.3 per cent, 11.6 per cent and 21.5 per cent, respectively.

Houses remained more popular than units, and the average time for houses on market rose marginally in most capital cities. Canberra and Melbourne fared best at 29 days each, but Brisbane, Adelaide and Perth all pulled the average skywards at 62 days, 63 days and 81 days, respectively.

Vendor discounting was between 4.7 per cent and 7.8 per cent for houses across most capital cities, and between 4.4 per cent and 6.8 per cent for units.

Canberra was the low-end exception for both houses and units, at 3.2 per cent and 3.8 per cent, respectively.

Darwin was the high-end exception for houses at 10.7 per cent, while Perth was the high-end exception for units at 9.8 per cent.

 

House prices on the up and up
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