R.P.Data’s September house prices results are out this morning and, voila, growth! Over the month, house prices rocketed 1.4%:
Here are the Hedonic Index prices:
And the median prices:
Finally, here’s the Sydney price chart, leading the charge:
And Melbourne, less convincing:
Perth, range bound:
Brisbane, bouncing along the bottom:
Am I excited by this? Not especially. Do I think it will continue? For a while. Is the long awaited “recovery” here at last? Of sorts, but not in the way that enthusiasts mean. The up-tick in mortgage credit is modest to say the least. Does it signal the end of the slow melt? No, that is a decade or so away, in my view, especially in real terms.
Nonetheless, an interesting development!