Sydney and Melbourne property values lift for first time since 2017

Property values across Sydney and Melbourne have lifted for the first time since 2017 amid signs the re-election of the Morrison government and cuts to official interest rates have boosted confidence in the housing sector.

But the turnaround in the nation’s two largest property markets has yet to spread to the rest of the country with the CoreLogic measure of values showing sharp falls in Brisbane, Adelaide, Perth and Canberra.

Nationally, property values dipped by 0.2 per cent in June to be down by 1 per cent over the past quarter and by 6.9 per cent over the past year.

Property values in Sydney and Melbourne lifted in June, the first increase since 2017.CREDIT:AFR

In Sydney, values lifted by 0.1 per cent, the first increase since June 2017.

The lift was driven by the apartments’ sector with the value of units across Sydney up by 0.3 per cent through the month. Values of houses were flat.

In Melbourne, values lifted by 0.2 per cent with houses up by 0.1 per cent while apartments jumped by 0.5 per cent.

Despite the improvements, both Sydney (minus 9.2 per cent) and Melbourne (minus 11.8 per cent) are still well down over the past 12 months.

Elsewhere, house values fell in Brisbane (0.5 per cent), Adelaide (0.5 per cent), Perth (0.7 per cent), Darwin (1.7 per cent) and Canberra (0.9 per cent).

CoreLogic’s Tim Lawless said several factors, including continued strong population growth in Sydney and Melbourne, were contributing to the stabilisation of the property market.

“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,” he said.

“Aided by the housing downturn, we have also seen an improvement around housing affordability, although dwelling values remain high relative to household incomes in Sydney and Melbourne; add to this lower mortgage rates and the high likelihood that interest rate serviceability tests are set to improve.”

While Sydney and Melbourne overall were up, CoreLogic reported differences between key parts of the two markets.

Melbourne’s inner east experienced a 2.7 per cent lift through the quarter while Sydney’s inner city and inner south both lifted by 1.3 per cent.

Mr Lawless said it was the top end of the two markets holding up prices.

Values in the bottom quarter of the Sydney market dropped by 1.7 per cent over the quarter compared to a 1 per cent fall in the top quarter. Melbourne’s top quarter fell by 0.1 per cent over the same period compared to a 0.6 per cent drop in the bottom quarter.

“Potentially, we are seeing the first signs that the top end of Sydney and Melbourne’s housing markets are leading the recovery trend,” he said.

The figures come ahead of the Reserve Bank of Australia’s July board meeting on Tuesday with markets putting the chance of an interest rate cut at 70 per cent.

Such a cut would take the official cash rate down to a fresh record low of 1 per cent.

Ref: Shane Wright (July 1, 2019 — 10.01am). Sydney and Melbourne property values lift for first time since 2017. Retrieved from https://www.theage.com.au/politics/federal/sydney-and-melbourne-property-values-lift-for-first-time-since-2017-20190701-p522ut.html

悉尼和墨尔本房产价值自2017年以来首次上扬

自2017年以来,悉尼和墨尔本的房地产价格首次出现上涨,因莫里森政府再次当选以及官方利率下调提振了对房地产市场的信心。

但澳洲国内两个最大的房地产市场(悉尼、墨尔本)认为房产市场的转变尚未蔓延到其他地区,其中CoreLogic显示布里斯班,阿德莱德,珀斯和堪培拉的房产价格大幅下跌。

在全国范围内,6月份房地产价值下跌了0.2%,之前的一季度下降1%,过去一年下降6.9%。

悉尼和墨尔本的房地产价格在6月份上涨,这是自2017年以来的首次增长(来源CREDIT:AFR)

在悉尼,房产价格上涨了0.1%,这是自2017年6月以来的首次增长。

整个6月悉尼的公寓房价格上涨了0.3%,由此推动了悉尼房价的增长。House的价格持平。

在墨尔本, House价格上涨0.1%,公寓房价格上涨0.5%致使墨尔本的总体房价上涨了0.2%。

尽管有所改善,但悉尼(-9.2%)和墨尔本(-11.8%)在过去12个月仍然有所下降。

其他地方房屋价值下跌,布里斯班(0.5%),阿德莱德(0.5%),珀斯(0.7%),达尔文(1.7%)和堪培拉(0.9%)。

CoreLogic的Tim Lawless表示,悉尼和墨尔本持续强劲的人口增长,有助于稳定房地产市场。

 “联邦政府内部的稳定性,以及消除负面影响,增强了对房地产市场的信心,”他说。

 “在住房市场低迷的情况下,我们也看到较低的贷款利率使得购房负担能力有所改善,尽管住宅价值相对于悉尼和墨尔本的家庭收入来说仍然很高“。

虽然悉尼和墨尔本总体上涨,但CoreLogic报告了两个市场(悉尼、墨尔本)关键部分之间的差异。

墨尔本内东区本季度增长2.7%,悉尼内城和内南区均上升1.3%。

悉尼房屋市场价值在本季度(4月-6月)低下降了1.7%,而上一季度(1月-3月)开始的时候则下降了1%。墨尔本的最高季度同期下降了0.1%,而下一季度下降了0.6%。

他说:“潜在的,我们看到的第一个迹象是悉尼和墨尔本房地产市场的带动复苏的前兆。”

周二澳大利亚储备银行7月董事会会议之前,市场将降息的可能性降至70%。

这样的利率削减将使官方现金利率降至1%的新低。

Ref: Shane Wright (July 1, 2019 — 10.01am). Sydney and Melbourne property values lift for first time since 2017. Retrieved from https://www.theage.com.au/politics/federal/sydney-and-melbourne-property-values-lift-for-first-time-since-2017-20190701-p522ut.html