House prices in Sydney and Melbourne have published their first monthly profits since 2017 in a sign that the downturn in the economy may be over in our two largest cities. For the two largest cities in June, both SQM Research and CoreLogic reported expansions, while SQM also discovered uplift in Brisbane, Perth, Adelaide and Hobart.
For buildings in Sydney, Melbourne and Hobart, CoreLogic reported monthly expansions and rises for flats in those three cities as well as Darwin. It was Sydney’s first monthly growth since the market peaked in July 2017 and since its peak in November 2017 in Melbourne.
CoreLogic claims it’s an early indication that reduced mortgage rates and enhanced confidence already have an impact of flow-on effect. “I’m not ready to say that the housing market will roar back,” states Cameron Kusher of CoreLogic. “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.”
