HVI Update: House Prices in Melbourne On The Rise!
After 2 short months of house prices declining nationally, February saw national home values grow once again. Melbourne, which recorded 10 consecutive months of falling value led the pack alongside Hobart. With a modest but notable 0.4% growth.
What is the Home Value Index?
The Home Value Index (HVI), also known as the Hedonic Home Value Index, leverages recent property sales across the country to track property trends nationally. It serves as a key metric for analysing the performance of the Australian residential property market. [1]
Why property prices are back up
Nationally, property prices were seeing a small downward trend for the last couple of months, but in light of a cash rate decision that shapes a cut to interest rates, buyer activity is poised to grow. The growth was small but applied to all capital cities except Darwin. Clearance rates are also up, improving buyer sentiment.
What does this mean for homeowners?
On the back of a cash rate cut, this is very hopeful news for those in larger capital cities, as your monthly mortgage repayments become slightly lower, your home may be increasing in value. This means you may have access to more equity in the future. Chat with your local MoneyQuest mortgage broker to discuss how your equity can be used to refinance, renovate or even invest in property.
What does this mean for homebuyers?
House prices may be back up faster than expected, but buyer sentiment has improved post cash rate cut. House values could start to climb, so if you’re planning to buy, now might be the right time to talk to your mortgage broker, before house prices skyrocket again.
As always, whether you’re buying, refinancing or looking to invest in residential property, there’s no time like the present to start your journey. reach out to us today to see what’s possible.
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