Australia’s two largest cities have seen a bounce-back in home values over the past two months, with Sydney recording a cumulative rise of 3.3 per cent and Melbourne up 3.2 per cent over August and September.
Corelogic says the September housing market results offer “further confirmation” Australia’s housing market recovery “is in full swing” across the two major capital cities, while the remaining capitals and regional areas show “a mixed result”.
Speaking on the Reserve Bank of Australia’s monetary policy decision on Tuesday, in what is the third interest rate cut this year, RBA governor Philip Lowe said that there were “further signs of a turnaround in established housing markets, especially in Sydney and Melbourne”.
▲ Sydney’s housing values are 11.9 per cent below their July 2017 peak and 7.9 per cent below Melbourne’s November 2017 peak: CoreLogic
Source: The Urban Developer
Link: https://theurbandeveloper.com/articles/sydney-and-melbourne-housing-markets-lead-growth
