Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Early signs point to property market recovery

Property

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.

Advertisement
Advertisement

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. 

This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Early signs point to property market recovery
Property
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Bronson - I love you Brenton please write more....
The Patriot - It seems madness to lower interest rates when we know that we will need room to drop later as the economy slows on back of China slowing. If wages do.......
Anonymous - Does the RBA think?....
Anonymous - Bloody mad. Much cheaper and better and more fun to learn to cook for yourself. And, if you are time pressed, a crockpot set up the night before and.......