House price resurgence
AUSTRALIAN home prices rose more in October than in any month in the past four years, further suggesting the country’s property downturn could be over.
Last month’s 1.2 per cent rise in prices was the fourth straight monthly increase and the largest since May 2015, according to CoreLogic’s Home Value Index monthly survey.
“It’s becoming increasingly clear that the housing market rebound is gathering pace,” CoreLogic research director Tim Lawless said.
The strongest growth was in Melbourne and Sydney, where prices rose 2.3 and 1.7 per cent, respectively, but prices were up across every capital city except Perth, where they dipped 0.4 per cent.