Home value drop in all but two capital cities

PHOTO: Vendor discounting was between 5.8 per cent and 6.4 per cent for houses across most capital cities

Home values fell last week in all but two capital cities, where they remained flat, according to the latest CoreLogic data.

Combined, the daily home value index fell by 0.2 of a percentage point in the week ending 10 February.

Value fell in Sydney, Melbourne and Perth by 0.2 of a percentage point, 0.3 of a percentage point and 0.4 of a percentage point, respectively, and it remained flat in both Brisbane and Adelaide, CoreLogic’s Property Market Indicator data showed.

The monthly index was down by 1.0 per cent for the week. It fell by 7.5 per cent for the year. Sydney, Melbourne and Perth are the main drivers at 9.9 per cent, 8.7 per cent and 6.1 per cent.

Listings dropped across most capital cities for the week, with only Hobart and Darwin remaining in the black. Hobart climbed by 11.7 per cent, but Sydney fell sharply by 22.2 per cent.