Sydney and Melbourne property prices RISE for the first time in TWO YEARS after the Coalition’s surprise election win
- CoreLogic data showed Sydney, Melbourne home prices had first rise since 2017
- Prime Minister Scott Morrison’s election win credited with monthly increases
- Sydney’s median property price rose by 0.1 per cent in June, first since July 2017
- Melbourne’s equivalent values climbed 0.2 per cent, first since November 2017
Sydney and Melbourne property prices have risen for the first time in two years following the Coalition’s surprise election win.
Median house and unit values in Australia’s biggest cities rose in June, marking the first monthly increase since peaking in 2017.
Real estate data group CoreLogic said Prime Minister Scott Morrison’s May election win had buoyed the housing market, as voters rejected Labor’s plan to scrap negative gearing tax breaks for existing properties from January 2020 and halve the capital gains tax discount to 25 per cent.
Sydney and Melbourne property prices have risen for the first time in two years following the Coalition’s surprise election win (pictured is Prime Minister Scott Morrison on May 18)
‘Stability within the federal government, along with the removal of uncertainty surrounding changes to negative gearing and capital gains tax discounts, has brought about increased certainty and boosted confidence in the housing market,’ the group’s head of research Tim Lawless said.
In June, Sydney’s median property price rose by 0.1 per cent, the first monthly increase since the market peaked in July 2017.
Melbourne’s equivalent value increased by 0.2 per cent, the first month-on-month rise since it peaked in November 2017.
Australia’s biggest housing markets are still in the doldrums, however, with Sydney’s median house price 17.4 per cent weaker, at $866,524, since peaking two years ago.
Melbourne’s detach home values are 14.8 per cent below where they were in late 2017, standing at $709,092 in June.
Sydney and Melbourne have been also been Australia’s worst performing real estate markets during the past year, with median house prices diving by 10.8 per cent and 11.8 per cent, respectively.
In June, Sydney’s median property price rose by 0.1 per cent, the first monthly increase since the market peaked in July 2017 (pictured is the Harbour Bridge and the Opera House)
Ryde, in Sydney’s north, is now Australia’s worst metropolitan housing market, with median prices down 14.1 per cent, making it one of four Sydney suburban areas to suffer double-digit decreases.
The Central Coast, north of Sydney, has now joined the double-digit drop club, with its median prices 10.7 per cent weaker on an annual basis.
Melbourne’s outer east, near the Dandenong Ranges, has seen its median prices dive by 13.9 per cent during the past year, making it one of four markets in the Victorian capital to suffer a double-digit downturn.
Despite that, Sydney and Melbourne were the only mainland capital city markets to see median prices increase in June.
Hobart’s median property price rose by 0.2 per cent last month as decreases were experienced in Brisbane (down 0.6 per cent), Adelaide (down 0.5 per cent), Perth (down 0.7 per cent), Darwin (down 0.9 per cent) and Canberra (down 0.9 per cent).
Melbourne’s equivalent value increased by 0.2 per cent, the first month-on-month rise since it peaked in November 2017 (pictured is the Yarra River in the city)