Sydney’s home values rose nearly 1 per cent in the past four weeks, the strongest gain over a four-week period since January 2022, and accelerating from the earlier-than-expected streak that started at the beginning of the year, data from CoreLogic shows.
In the past 15 days alone, Sydney prices have increased by 0.5 per cent and look set to edge higher, at least in the near term, amid low stock and strong demand.
“What’s surprising is the timing. I would not have expected to see a material pivot from the downswing until rate rises have been paused.”Melbourne also inched slightly higher, rising by 0.2 per cent, while Perth was up 0.1 per cent over a four-week period. Despite the small lift in prices in the past few weeks, Sydney is still down by 13.2 per cent and Melbourne by 9.5 per cent compared to where they were at the peak in early 2022.across Sydney have dropped by 18 per cent compared to a year ago and were down by 19 per cent in Melbourne.“I don’t think we’ll see a dramatic increase in listings, at least in the short term, mainly because vendors are still not confident about pricing,” said Sydney-based selling agent Shannan Whitney of BresicWhitney.
Independent economist Stephen Koukoulas said the market was likely getting close to the bottom, if not already there, as prices continue to stabilise. But while the price increases in recent weeks suggest the tailwinds for housing demand are winning over the headwinds of higher interest rates, the market is not out of the woods yet, according to Shane Oliver, AMP Capital chief economist.“The problem is that interest rates are still continuing to impact the market and my inclination is to still think the weakness could go on for a little bit longer,” Dr Oliver said.
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