Housing values appear to be slowly climbing again after bottoming out in a market fall, in good news for mortgage holders.
CoreLogic property data shows that every capital city except Darwin recorded an increase or steadiness in home values in April, leading to a second consecutive national lift in prices.
Sydney has led the way with a monthly rise of 1.3 per cent, and a median home value of just over $1 million.
Most other capitals recorded smaller rises, with Brisbane lifting 0.3 per cent and Melbourne just 0.1 per cent.
Perth values lifted 0.6 per cent, and Adelaide’s 0.2 per cent, while Canberra and Hobart didn’t move the needle.
Darwin bucked the national trend with housing values sliding -1.2 per cent for the month.
Nationally though, housing prices rose 0.7 per cent in April, making it a 1.4 per cent country-wide increase for the quarter.
However, many housing markets across the nation are still far below previous heights, with CoreLogic’s data showing Sydney was down 10.7 per cent annually.
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Research director Tim Lawless said the increase in values came amid a tightening supply-and-demand situation.
“A significant lift in net overseas migration has run headlong into a lack of housing supply,” he said.
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“While overseas migration would normally have a more direct correlation with rental demand, with vacancy rates holding around one per cent in most cities, it’s reasonable to assume more people are fast tracking a purchasing decision simply because they can’t find rental accommodation.”
He said the housing market would likely be further bolstered by speculation that the cycle of interest rate hikes was close to an end.
The Reserve Bank of Australia will meet tomorrow to determine if there will be another increase to the cash rate.
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