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Are we set for a new housing record?

By Cameron Micallef · November 11 2019
Reading:
egg

Invest

Are we set for a new housing record?

By Cameron Micallef
November 11 2019
Reading:
egg
Melbourne

Are we set for a new housing record?

author image
By Cameron Micallef · November 11 2019
Reading:
egg
Melbourne

Housing values might return to their historic highs in as little as six months, new analysis has forecast.

According to CoreLogic’s Home Value Index, while national dwelling values remain 5.7 per cent below their peak, it won’t be long before they pick back up. 

CoreLogic’s head of research, Tim Lawless, believes Melbourne could be the first city to reach its previous market peak.

“If the current run rate of growth continues, Melbourne’s housing market will recover in January,” Mr Lawless said.

With house values having grown by 5 per cent over the last three months, Sydney is expected to also pick up from a lower trough in 2017.

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“Sydney’s housing market is on track to post a recovery within six months, or around April next year, if the current pace of growth continues,” Mr Lawless stated.

Most of Australia’s capital cities have recorded a rise in dwelling values over the past three months, with only Perth and Darwin being the exception where values have been trending lower for the past five years.

The same can’t be said of Hobart and Canberra, which are the two capitals where housing values are already at new record highs.  

Hobart values recorded only a mild correction of 1.3 per cent from peak to trough, with the market reaching a new record high in October 2019.  

Similarly, Canberra housing values recorded a peak to trough decline of only 1.5 per cent during the downturn, and moved through a new record high in September this year.

Are we set for a new housing record?
Melbourne
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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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