It’s good news for Melbourne’s high end property market this month, with recent reports from Corelogic showing upper quartile property values increased during February.
Nationally, capital city top quartile home values rose 0.2% in February, in stark contrast to a 0.3% decline in January. Corelogic economists say Melbourne, Sydney and Hobart’s top quartiles recorded the strongest growth compared to the previous month, suggesting there is potential for the upper quartiles to become the standout performers in the property market. But in fact it was Melbourne and Hobart who edged out Sydney for the highest monthly gains, Corelogic’s February Home Value Index recording 0.4% rises in both cities.
In Melbourne it was the council area of Stonnington East who topped the charts in the prestige suburb market, rising 0.8% in February after a 1.9% drop in January. Affluent suburbs within Manningham East, Bayside and Glen Eira also experienced strong growth.
Sydney’s prestige suburbs reporting a significant turnaround included Point Piper, Double Bay, Rose Bay and Hornsby, recording value increases of up to 2% for the month.
Corelogic economists suggest the RBA’s recent cash rate cut could be partially responsible, as it makes credit more accessible. It remains to be seen if another rate cut at the RBA’s April meeting triggers further recovery in the upper-end property markets.
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