Housing market recovering for December quarter after poor start to 2019
Dwelling values rose by 1.1% over December and by a total of 4.0% for the quarter to finish out 2019. This is a positive note to be ending on according to the CoreLogic national home value index.
The result has shown the fastest rate of national dwelling value growth over any three-month period since November 2009.
From a yearly perspective, Australian dwelling values went 2.3% higher over 2019 with five of the eight capital cities recovering from the poor start to the calendar year.
Among the capitals, Sydney and Melbourne recorded the highest annual capital gain, with both cities posting a 5.3% rise in dwelling values over the year.
Despite a strong rebound over the second half of 2019, property values across most regions of Australia are still below their previous record highs.
If the current quarterly rate of growth continues through 2020, the national housing market will record a minor recovery in March as values continue to increase to higher levels.
The positive finish to the year may potentially cover up what has been a year of two opposite halves, with capital city dwelling values falling by 3.8% over the first six months of 2019 and then recovering 7.0% over the latter half of the year.