September saw a strong turn around in housing market sentiment – consumer confidence increased, new listings rose and six of the eight capital cities recorded a rise in home values over the month, according to CoreLogic’s Hedonic Home Value Index.
The home value index shows a 0.1% fall in dwelling values nationally, the lowest in three months. The rate of decline across Sydney’s market has been consistently easing since July and the remaining capital cities (except Melbourne) have all delivered some level of growth. Darwin leads with its prices up 1.6% in September, followed by Adelaide (up 0.8%) and Brisbane (up 0.5%).
The combined regional areas were up 0.4%, with growth recorded in the regional areas of NSW, Qld, SA and Tasmania.
“The aggregate effect of low mortgage rates, low inventory levels, government incentives and improving consumer sentiment seems to be outweighing the negative economic shock brought about by the pandemic,” says Tim Lawless, CoreLogic head of research.