National property prices increase for first time since 2017

Property prices stabilised in July as the housing market embraced dual rate cuts and improved credit availability, but economists have warned not to expect a boom in the near future.

The CoreLogic July 2019 home value index shows national dwelling values were flat over the month – stabilising after a consistent trend towards smaller month-on-month declines – helped by a subtle price rise across most capital cities.

Prices across the state capitals rose by a combined 0.1 per cent in July, breaking almost two years of losses, including a monthly increase of 0.2 per cent in Sydney, Melbourne and Brisbane, and an easing decline in Adelaide, Perth and Canberra.