Residential property values are slowly increasing for the first time in nearly a year, marking an end to the nation’s housing market downturn, experts say.
The latest home value index by property experts CoreLogic shows a positive growth trend emerging, with most major cities recording an increase in value.
The national home value index increased by about half a per cent in April, following a 0.6 per cent lift in March.
Sydney leads the market upturn after housing values increased by 1.3 per cent in April and 3 per cent in the last quarter.
Melbourne, Brisbane, Adelaide and Perth also saw slight jumps in value last month.
However, Hobart, Darwin and Canberra are yet to see improvements.
CoreLogic research director Tim Lawless said the latest data was evident of a positive shift for most parts of the country in recent months.
“Not only are we seeing housing values stabilising or rising across most areas of the country, a number of other indicators are confirming the positive shift,” Mr Lawless said.
“Auction clearance rates are holding slightly above the long run average, sentiment has lifted and home sales are trending around the previous five-year average.”
Housing values fell -9.1 per cent between May 2022 and February 2023 but have mostly increased for the last two consecutive months.
It follows months of interest rate pain as the Reserve Bank board prepares to meet on Tuesday.
In March, RBA hiked its cash rate by 25 basis points to 3.6 per cent, marking the 10th consecutive increase.
Last month, it kept the rate on hold but experts warn another rise could be on the horizon.
-AAP
