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Tentative signs of market recovery
Released 25 January 2012

Median house prices have risen nationally for the first time since September 2010, indicating early tentative signs of recovery in the housing market.     

The Australian Property Monitors’ Quarterly Housing Report shows following five consecutive quarterly falls, national house prices increased marginally in the December quarter.

The rise in the national median house prices reflects activity in the Sydney and Melbourne housing markets over the December quarter. 

Melbourne led the nation in capital city median house price growth, increasing by 1.1%. 

While in Sydney, home prices held their ground over the quarter following a fall of 1.8% over the September quarter.

Sydney has recorded only one quarterly fall in median house prices over the 13 quarters since the height of the GFC in September 2008.

Australian Property Monitors Senior Economist Andrew Wilson said the small growth in the national median house prices was due to an increase in buyer activity in the bottom end of the market in Sydney and, by contrast, the top end of the market in Melbourne.

“This result is significant as it shows an end to a recent trend of falling prices over the past year, with the realistic potential for a sustained turn-around in some markets”

Looking forward, Wilson noted 2012 will provide mixed outcomes for housing markets with some capital cities set to revive while others will remain flat.