Residential Market conditions continue to turnaround! *The Urban Developers, Ana Narvez reports.
Last month Corelogic’s monthly home value index results recorded an increase of 0.8%. This is the first national monthly increase since October 2017. It is also the largest monthly increase since April 2017!
Sydney and Melbourne (Australia’s largest capital cities) experienced their third consecutive month of house price increases which contributed to the uplift in the market.
Major capital cities around Australia property market performance:
Brisbane recorded its second successive month of increases, lifting by 0.2%. Conditions continue to vary markedly by city—Sydney and Melbourne showed a clear turnaround, increasing 1.6% and 1.4% respectively over the month, while Adelaide, Perth and Darwin slipped lower.
Capital Economics economist Ben Udy said that the 0.8% month-on-month increase means that the housing downturn is now well and truly over.
“We had previously anticipated that prices would rise by 1% from their trough before the end of year 2019, but the rebound now appears to be much stronger.
“We now expect prices to rise by 5% from their trough this year, ending 2019 at just above the level they were at the start of the year.”
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