Prices are recovering in most of the major cities across Australia, according to the latest price data from two key sources.
Figures for July from CoreLogic indicate that dwelling prices increased in five of the eight capital cities, while the latest figures from SQM Research suggest positive price outcomes in most cities.
CoreLogic’s Home Value Indexes show rises in July for house markets in Sydney, Melbourne, Brisbane, Hobart, and Darwin, with the increases ranging from 0.1% to 0.6% – as well as increases in the regional markets of South Australia, Tasmania, and the Northern Territory.
The same five capital cities also showed monthly rises in their apartment markets, as well as improvements in the regional markets of NSW, Victoria, Queensland and the Northern Territory.
The Weekly Asking Prices Index from SQM Research shows weekly and monthly improvements in prices in Sydney, Melbourne, Adelaide, Canberra, and Darwin.
The numbers from the two sources provide further evidence that the decline in prices in Sydney and Melbourne has been arrested and that prices, in general terms, are beginning to nudge upwards again.
The figures are general in nature and disguise stronger performance in individual precincts of major cities and in specific regional areas.
Hotspotting’s suburb-by-suburb analysis shows that 70% of Adelaide suburbs have recorded growth in their median prices in the past 12 months, while over 90% of locations in Hobart and Tasmania have had annual price growth.
Around 60% of markets across regional Queensland and 89% of those in Regional Victoria have recorded price uplift.
In Canberra, 68% of suburbs have median house prices higher than a year ago, while 66% of Brisbane suburbs have recorded growth.