CoreLogic: Aussie dwelling values rise 0.1% in July

CoreLogic’s dwelling price results have been released for July, which reveals a 0.1% increase in values recorded over the month at the 5-city level:

It was the first monthly rise in home values at the 5-city level since August 2017:

In the July quarter, dwelling values fell by 0.42% across the major capitals:

Over the July quarter, values were down across all major markets except Melbourne:

In the year to July 2019, home values have fallen by 7.5% at the 5-city level, driven by Sydney (-9.0%), Melbourne (-8.2%) and Perth (-8.9%):

However, the next chart, which tracks trend annual price growth, shows a rebounding trend:

Whereas the below chart tracking price growth on a quarterly basis shows a sharper turnaround:

The housing market has clearly turned, led by Sydney and Melbourne where auction clearance rates have rebounded strongly:

Unconventional Economist

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith is an economist and has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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