The real estate market in Whittlesea and Hume is showing signs of recovery, according to a new report from CoreLogic.
Property data and analytics provider CoreLogic’s November Home Value Index reveals median house prices rose 2.2 per cent between October and November in the Whittlesea-Wallan statistical area, which takes in all of the City of Whittlesea.
Overall median house prices in Whittlesea-Wallan are up 4.4 per cent since June.
In Tullamarine-Broadmeadows, which takes in all of Hume except Sunbury, median house prices rose 2 per cent between October and November.
Since June, median prices have increased by 3.6 per cent.
CoreLogic head of research Tim Lawless said Melbourne’s median house price increased by 2.2 per cent between October and November, rising 4.7 per cent since June.
Mr Lawless said that while the real estate market in inner suburbs had recovered faster than in the outer suburbs, the price rise would reach growth suburbs in the coming months.
“The Australian housing market is now five months into an unexpected period of rapid recovery,” he said.
“As housing values become less affordable in these high-end markets, demand is likely to ripple outwards to the more affordable areas.”
Mr Lawless said there were a variety of factors supporting the market recovery, including low stock levels. He expects more houses to hit the market in the first quarter of 2020.
“We’re seeing advertised stock levels persistently low, creating a sense of urgency in the market as buyer demand picks up,” he said.
“There’s also the prospect that interest rates are likely to fall further over the coming months and an improvement in housing affordability following the recent downturn are other factors supporting a lift in values.”