Australian property prices rocket 1.1% in September

CoreLogic’s dwelling price results have been released for September, which reveals a strong 1.1% increase in values recorded over the month at the 5-city level, driven by surging values across Sydney (1.7%) and Melbourne (1.7%):

It was the third consecutive monthly rise in home values at the 5-city level:

Over the September quarter, dwelling values rose by 2.3% across the major capitals:

Values surged across Sydney and Melbourne, up 3.5% and 3.5% respectively over the quarter:

The next chart plots quarterly price growth by major capital, which illustrates the massive lift across Sydney and Melbourne, with Brisbane also rebounding:

In the year to September 2019, home values have fallen by 4.5% at the 5-city level, driven by Sydney (-4.8%), Melbourne (-3.9%) and Perth (-9.0%):

However, the next chart, which tracks trend annual price growth, shows a strong rebound led by Sydney and Melbourne:

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

Whether the rebound can persist well into 2020 is now the big question mark.

Leith van Onselen

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