Finance

House prices RISE across the nation – but there’s one place still dropping

House prices increased right across the country during October – apart from locked-down Melbourne.

But even there, the decline is beginning to ease.

CoreLogic’s national home value index rose 0.4 per cent in October, ending five months of consistent declines.

Although values were lower across Melbourne through October, the decline of 0.2 per cent over the month was the smallest property price drop since the COVID-19 driven downturn began in April.

CoreLogic said since the announcement that private home inspections were once again permitted across Melbourne, new property listings have surged, clearance rates have lifted and buyer activity is recovering.

“Based on this recent trend in housing values and activity, it seems likely we will see Melbourne follow the other capital cities towards a recovery over the coming month,” it said.

Meanwhile, dwelling values increased by 1 per cent or more in each of the smallest four capital cities – Adelaide, Hobart, Darwin and Canberra.

House prices in Brisbane reached a record high. Credit: Darren England/AAP

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