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New data suggests prices in Australia could soon start rising again

Uncertainty surrounding the national economy has done little to impact the rapidly growing confidence that another property boom is imminent in Australia, new data suggests. Almost 18 months of declines in median house prices in Australia’s two largest markets – Sydney and Melbourne – ended in June this year after prices fell more than 10% from their peaks.

But consecutive monthly increases in property prices since then, coupled with exceptionally high auction clearance rates and a lift in home loan approvals, is enough for several property analysts in the country to predict a rebound in prices is on the way.

CoreLogic said the national home value index recorded its third month of growth in September, up 0.9% across all capital cities. Sydney is up a cumulative 3.3% and Melbourne up 3.2% in August and September. However, property prices in both cities are still down by 4-5% compared a year ago.

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