Sydney, Melbourne house prices increase in signs of market recovery

Property prices in Sydney and Melbourne are up for the first time since 2017 with analysts attributing the trend to lower mortgage rates and improved sentiment.

property sales Source: Pixabay

Sydney and Melbourne house prices have shown their first monthly increase since the crest of the property boom in 2017, indicating a recovery could be in the pipeline.

Dwelling values in Australia's two most populous cities rose 0.1 per cent and 0.2 per cent respectively, according to data released Monday by property analytics firm CoreLogic.

It was the first monthly increase in Sydney values since the market peak in July 2017 while Melbourne dwelling values hadn't risen since the market there moved through a peak in November 2017.

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