Two major indicators which measure short-term changes in prices in the capital cities indicate that the slump in property values is coming to a halt.
CoreLogic’s Property Market Indicator data shows the daily home value index for the capital cities held steady and saw no movement once again in the week ending 16 June.
Sydney, Melbourne, Brisbane and Perth all saw no movement over the week, halting the earlier trend of gradual decline. The monthly index was down by just 0.1 of a percentage point.
The Asking Prices Index from SQM Research shows more even positive outcomes, with the indexes for Sydney, Melbourne, Brisbane and Hobart all showing weekly rises, while Sydney, Melbourne, Canberra Adelaide, Darwin and Hobart all recorded monthly increases.
Tyron Hyde, director of depreciation experts Washington Brown (pictured), says the uncertainty that existed two months ago has been removed from the minds of investors and home-buyers and sentiment has improved in the big city markets.
“Everyone I speak says there’s been a 10% uplift in the market,” Hyde says. “I don’t think that means a return to big price growth, but it has put a floor under those markets that wasn’t there a few months ago.”