Famine to Feast
According to Core Logic, December 1 marks the 5th month of housing values moving gradually upward since the downturn towards the end of 2017. Accumulatively over the last few months, these gradual increases have now put year-on-year growth back into positive territory for the first time since March 2018 @ 1.6%. While this relatively small amount may seem cold comfort to some, more impressive is that the respective Sydney / Melbourne market values for the quarter is 6.2% / 6.4%. There is still a way to till the market reaches the previous peak ( 8% / 3.7% ) for the 2 major capitals, however Melbourne at least is within sniffing distance.
For an easy to interpret visual representation, see this article on ABC.net.au.
In addition, in terms of affordability, over the quarter, it seems that much of the value increase relates to the upper, most expensive quartile of the market. This is reported to have increased in value 7.4% / 8.1%, whereas the lowest quartile (which is more likely to be invested in by first homebuyers) has had an increase 3.8% / 4.2%.