There are early signs emerging that the downward trend in values has started to ease, according to PropTrack.

Its latest Home Price Index shows many capital cities have values which are still above pre-pandemic levels, helped by several which recorded growth in October.

Senior economist Eleanor Creagh says Adelaide is 14% higher than this time last year, followed by Brisbane (7.5%), Perth (5.7%), Hobart (3%), Darwin (3%) and ACT (1%).

Sydney’s index is down 6.3% on this time last year, while Melbourne is down 3.4%.

PropTrack says many capital cities recorded positive growth during the month of October including Melbourne, Adelaide, Perth and Darwin.

Regional areas continue to perform well, according to the report, recording annual growth of between 3.6% in regional Northern Territory and 18% in South Australia.

“Sellers are adapting to market conditions after several months of price falls, while buyers are taking advantage of the less competitive conditions and sentiment is finding a floor,” Creagh says.