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Early signs point to property market recovery
Lower mortgage rates and improved market sentiment are having a flow-on effect on property markets, as Australia’s two biggest cities, Sydney and Melbourne, show signs of life.
Early signs point to property market recovery
Lower mortgage rates and improved market sentiment are having a flow-on effect on property markets, as Australia’s two biggest cities, Sydney and Melbourne, show signs of life.
According to CoreLogic, Sydney dwelling values went up by 0.1 per cent, while Melbourne improved by 0.2 per cent for the month of June.
CoreLogic’s head of research, Tim Lawless, believes confidence has returned to the market since the federal election in May, which saw the Coalition get re-elected and changes to negative gearing abolished.
“Importantly, the improving conditions through to mid-May were largely ‘organic’, pre-dating the positive boost in sentiment following the federal election and interest rate cuts in early June,” said Mr Lawless.
Despite a positive month, Sydney and Melbourne property values have continued to fall – by 9.9 and 9.2 per cent, respectively, for the year. The median property value in Sydney is now $777,693, while in Melbourne, it’s $619,383.
Overall national housing dwellings declined, although it was the smallest month-on-month decline in the national series since March 2018, according to CoreLogic.
Combined, the capitals fell by 0.1 per cent for the month and 8.0 per cent for the year, while regionals fell a further 0.4 per cent for the month and 3.1 per cent annually.
The combined median property price for capital cities is now $590,431, while regionally you can expect to pay around $374,991.
The greatest falls were in the two territories, with Canberra and Darwin falling by 0.9 per cent for the month of June.
Read more of booming coastal town investors shun.
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