House prices in Sydney and Melbourne have posted their first monthly gains since 2017 in a sign the market downturn in our two biggest cities may be over.
Both SQM Research and CoreLogic recorded increases for the two biggest cities in June, while SQM also found uplift in Brisbane, Perth, Adelaide and Hobart.
CoreLogic recorded monthly rises for houses in Sydney, Melbourne and Hobart, and increases for apartments in those three cities as well as Darwin.
It was the first monthly increase in Sydney since the market peaked in July 2017 and in Melbourne since its peak in November 2017. CoreLogic says it’s an early sign that lower mortgage rates and improved sentiment are already having a flow-on effect.
“I’m not prepared to say the housing market’s going to come roaring back,” says CoreLogic’s Cameron Kusher. “But it’s been looking like the worst is over – we’ve been seeing consistently the rate of decline has been slowing and now we’ve seen positive results for the first time.”