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Housing turnaround: Brisbane home values rise for first time in 7 months

first_imgBrisbane’s housing market is showing signs of growth.Mr Kusher said the real litmus test for the market would be spring selling season.”The test will be how many people bring their properties to market in spring and if there are sufficient buyers for those properties,” he said.CoreLogic head of research Tim Lawless said the index was foreshadowing another subtle monthly gain in housing values across Sydney and Melbourne in July, following last month’s small month-on-month rise. MORE: Ten suburbs where you might find a bargain CoreLogic head of research Tim Lawless. Home values in Brisbane rose 0.1 per cent in July, according to CoreLogic. Image: AAP/Darren England.The July hedonic home value index has recorded a 0.1 per cent rise in housing values across the five major capital cities in the first 29 days of the month. But CoreLogic research analyst Cameron Kusher said he would not “get too excited” about one month of gains in Brisbane home values.“(Brisbane) could be taking the lead from Sydney and Melbourne,” Mr Kusher said.“We’ve had policies ease, two interest rate cuts, population growth from interstate migration is ramping up, so you would think housing demand would be out there, but there’s just a bit of a reluctance to enter the market.” More from newsNoosa unit prices hit new record high as region booms: REIQ12 hours agoParks and wildlife the new lust-haves post coronavirus12 hours ago Market stimulus including interest rate cuts is helping the housing market, according to CoreLogic. Image: AAP/Bianca De Marchi.Sydney home values inched 0.1 per cent higher during the month to date, while Melbourne values rose 0.2 per cent — the first positive movement since values peaked in 2017. “With the largest capital cities trending towards a modest rise in housing values, we are also seeing the daily five city aggregate index stabilising, posting a 0.1 per cent rise in value over the first 29 days of the month,” Mr Lawless said. “The latest data is a further sign that housing markets are responding to recent market stimulus, including lower mortgage rates, improved interest rate serviceability measures and a removal of uncertainty following the federal election.”The final set of index results will be released on Thursday. Brisbane home values have posted their first monthly rise since November last year, according to CoreLogic. Image: AAP/Darren England.BRISBANE’S housing market has made a dramatic turnaround, with home values posting their first monthly rise since November last year.New preliminary data from CoreLogic shows a further improvement in home values across the major capital cities in July, with the Queensland capital tracking 0.1 per cent higher after falling 0.6 per cent in June.That follows a drop in Brisbane values of 0.4 per cent in May and April. RELATED: Brisbane’s boom suburbs revealedlast_img read more