House prices are up in all states except for Melbourne and Sydney

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House prices have dropped nationally over September but climbed everywhere except the two large markets of Melbourne and Sydney.

CoreLogic’s national home price index showed a 0.1 per cent fall last month, but that has been entirely driven by a 0.9 per cent slide in Melbourne and a 0.3 per cent decline in Sydney.

Outside those two large cities, other capitals posted gains, as did most markets outside the metropolitan regions.

But, Sydney and Melbourne account for around 40 per cent of the country’s homes and over half the home values, meaning that their declines pulled the total index slightly lower.

Even though it might look counter-intuitive that land prices are climbing during a pandemic which has triggered Australia’s sharpest downturn in 9 decades, Ms Owen said the role played by cheap mortgages shouldn’t be overlooked.

With work from home much more commonplace and constraints on lots of the activities that prefer city living still in place in some regions, analysts have observed a tendency towards outer-suburban and regional living; a move that’s obviously much faster to make for tenants.

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