PHOTO: Perth
Perth has emerged from the doldrums following its long residential property decline after the mining downturn to record increases in values over the month of November, according to CoreLogic.
Dwelling values grew 0.4 per cent over November, the first time the Western Australian capital has seen values grow since the start of 2018 when the downtrend took a pause.
But the big surprise was the Sydney surge, the highest monthly boost in three decades.
Sydney’s housing market is on track to recoup the 15 per cent loss in prices suffered during the 18-month downturn by next March, even earlier than last month’s CoreLogic forecast.
Sydney surged 2.7 per cent in November, the highest monthly growth rate since 1988, while Melbourne property values grew by 2.2 per cent, according to the latest CoreLogic Home Value Index.
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