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Sydney and Melbourne property prices increase
4 Jul
Property prices in Sydney and Melbourne have risen for the first time since 2017, mainly due to lower mortgage rates and an overall improved sentiment.

As The Guardian reports, property analytics firm CoreLogic released data showing that dwelling values in Sydney increased by 0.1%, and 0.2% in Melbourne.

CoreLogic head of research Tim Lawless said that most of the factors driving this growth was “organic”, although other key aspects were probably the federal election held in May and a 25-basis point cut to the Reserve Bank cash rate in early June.

He said: “The improvement in housing market conditions over the first five months of the year has largely been organic, however since mid-May there has been a raft of announcements that should provide a further positive flow through to housing demand.

“Stability within the federal government, along with the removal of uncertainty surrounding changes to negative gearing and capital gains tax discounts, has brought about increased certainty and boosted confidence in the housing market.”

National dwelling values having dropped by a mere 0.2%, being the smallest month-on-month fall since March 2018, suggests that Australia is gaining resilience.

Lawless went on to say, “Potentially we are seeing the first signs that the top end of Sydney and Melbourne’s housing markets are leading the recovery trend.”

Aside from Sydney and Melbourne, Hobart, regional South Australia and the Northern territory all saw their prices increase; by a respective 0.2%, 0.1% and 0.2%.

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