Property Development

Is the Downturn Over? House Prices Begin to Rise

Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-10-28 17:02:44

In Sydney, house prices are now 9.9 per cent below the mid-2017 peak, and units prices 10.6 per cent below.

Every pocket of Sydney recorded an increase in house prices in the past quarter except for Sydney’s upper north shore, which dropped 0.3 per cent to a median of $1.62 million.

Domain senior research analyst Nicola Powell said it was the first national quarterly growth Australia had seen since December 2017.

“The ability to service a mortgage has fallen, prices are still below their peak and we have seen a subtle relaxation of lending.”

“All of these factors together is helping drive that recovery.”

Melbourne’s recovery follows a sharp fall in median house prices from the peak in December 2017 to the trough in March, a fall of $94,391.

The inner-east neighbourhood of Armadale was up 5.7 per cent over the 12 months to September to a median of $1.95 million while inner-city Flemington rose 4.9 per cent to $970,000.

House prices also spiked in Ballarat and Bendigo by 9.7 per cent and 5.9 per cent, respectively.

As for units, the family stronghold of Blackburn had the largest rise in unit medians with a lift of 19.9 per cent to $581,000 while the suburb of Clayton similarly lifted by 17.9 per cent to $577,500.