Real Estate

Home values, house for sale, big family home, Brisbane real estate, Sydney property, Melbourne

Written by The ReReport
As seen in the Source link, written by on 2019-06-27 16:44:34

IT could soon become a sellers’ market with new data suggesting the end to the nation’s property downturn is in sight.

With the banking royal commission and uncertainty surrounding the federal election outcome out of the way, property prices are set to make a turnaround.

New preliminary data from CoreLogic shows an improvement in the decline of home values during the month of June.

CoreLogic’s preliminary view on housing market conditions is looking more positive, with some early signs that housing values are stabilising across the largest cities.

The property researcher puts the improvement down to lower interest rates and more confidence following the federal election outcome.

Home values only slipped 0.2 per cent in the first 26 days of the month across the five major capital cities.

Melbourne actually posted a subtle rise of 0.1 per cent, while Sydney values edged 0.1 per cent lower.

But while there is evidence home values are improving in Sydney and Melbourne, the same cannot be said for Brisbane, which recorded a decline in values of 0.5 per cent in June — the same drop as in May.

Adelaide and Perth also recorded value falls.

“It looks like confidence has improved in Sydney and Melbourne, but it hasn’t outside of there,” CoreLogic research analyst Cameron Kusher said.

But he said it could be due to a lag effect.

“I think people aren’t as obsessive about property in Brisbane, Adelaide and Perth as they are in Sydney and Melbourne,” Mr Kusher said.

“You don’t have as many as investors in Brisbane as you do in Sydney and Melbourne either.”

The big test will be in Spring when more properties are traditionally listed for sale.

The final results for June will be released on Monday.