Property Prices Rebound as Spring Warms Up the Market

The Sydney and Melbourne housing markets have shown signs of a comeback as rebound hits a two and a half year high. The nations median dwelling value lifted 0.9 per cent to $524,744 in September including houses and apartments across all city and regional areas.

CoreLogic’s head of research, Tim Lawless has said “although housing values are now consistently tracking higher, at least at a macro level, the national index remains 6.8 per cent below the October 2017 peak. Buyers still have some time to take advantage of improved housing affordability before values return to record highs”.

Median property values jumped 1.7 per cent in Sydney and Melbourne to $805,424 and $634,913 respectively. Brisbane and Canberra were the only other capital cities that saw a rise in value as per outline below.

Source: ABC

As the above outlines, results were a mix bag of results with Adelaide reporting flat growth while Darwin, Hobart and Perth values fell during the month. Oveall, however, all capital cities reported a total lift of 1.1 per cent in September after property prices fell 10.2 per cent over a 21-month period.

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