Lower home values in Melbourne and Sydney continue to weigh down the national housing market while the remaining capitals record a lift through September

September marked a striking turn in housing market sentiment; consumer confidence increased, new listings rose, and six of the eight capital cities recorded a rise in home values over the month. However, falling values in Melbourne and Sydney, which make up approximately 40% of Australian’s housing stock by number and 55% by value, pushed the national reading into a fifth straight month of decline.

CoreLogic’s September home value index results showed a 0.1% fall in dwelling values nationally. This was comprised of a 0.2% drop in the combined capitals index and a 0.4% rise in the combined regionals index.  Although the national index was down over the month, the 0.1% decline was the smallest since values started to…

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