Property price growth in Sydney and Melbourne is in positive territory for the first time since the market peaked in 2017, as lower mortgage rates and improved buyer sentiment in combination with a dearth of new listings spurs a market recovery.
Values grew slightly by 0.2 per cent in Melbourne and 0.1 per cent in Sydney over the month of June, in line with the trend of falling home values slowly abating over the year to date.
Nationally, property values recorded a 0.2 per cent fall in June, the smallest monthly decline since March 2018, according to the latest figures from CoreLogic’s Hedonic Home Value Index.
Much of this has been driven by a trifecta of good news for the property market
• Two rate cuts announced by the Reserve Bank
• The regulator allowing banks to be more generous in how much they will lend
• The coalition’s election victory retaining negative gearing benefits
Certainly, C&N Finance has noted an increase in finance enquiries over the past weeks.
However, the positive news did not resonate across the other capital cities; property values fell 0.9 per cent over the month in Canberra and Darwin, 0.6 per cent in Brisbane, 0.7 per cent in Perth and 0.5 per cent in Adelaide. Prices in Hobart grew by 0.2 per cent.
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