According to The Australian Financial Review, Sydney and Melbourne have recorded positive house price growth for the second month in a row following almost two years of continuous falls, as a lack of stock prompts bursts of vigorous buyer competitiveness across the two cities.
Five of the eight capital cities recorded a subtle increase in property values over July, rising 0.2 per cent in Sydney, Melbourne and Brisbane, 0.3 per cent in Hobart and 0.4 per cent in Darwin, according to CoreLogic's latest hedonic home value index.
Low stock levels followed by a catalyst for buyer demand to stimulate the market is what prompts a market recovery, CoreLogic's head of research Tim Lawless said.
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