House prices

CoreLogic property value index finds ‘remarkable’ rise in house prices for October

PHOTO: House prices nationally rose by 0.4 per cent in October.(ABC News: Liz Pickering)

House prices across Australia have risen overall for the first time since the start of COVID-19.

Monthly data from CoreLogic shows that, as a collective average, the housing market experienced a 0.4 per cent rise in October.

It follows month-on-month average declines since the pandemic started shaking the nation’s economy.

She said after five months of consistent declines due to COVID-19, this was the first increase in dwelling values nationally.

Ms Owen said the increase came as other data showed a rise in the number of house sales and an increase in listings in places such as Melbourne after an initial curtailment on auctions there.

“We also saw a sharp rise in consumer confidence, with the Westpac-Melbourne Institute consumer sentiment index up about 12 per cent in October,” she said.

Every capital city saw a slight gain, except for embattled Melbourne which is still losing value.

“In Sydney and Melbourne, the story is that housing prices are stabilising. In Melbourne, we’re still seeing declines, but the declines have rapidly shrunk,” Ms Owen said.