The latest CoreLogic home value index released this week showed Sydney house and unit prices increased by 0.01 per cent for the month of June 2019.

University of Wollongong Professor of Economics Alex Frino said while it might sound like a "tiny increase" it was significant because it's the first increase in 23 months.

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"Before June 2019, Sydney real estate prices fell 22 months in a row," he said.

"The rate at which house prices have been falling in Sydney has been decreasing since December last year.

"The data seems to support the conclusion very strongly that the fall in Sydney house prices is over and that they are once again on the upswing."

However, Professor Frino said while the "drought had been broken" for Sydney home prices the Illawarra did not have the same luck with house prices falling for the 14^th month in a row.

"Illawarra house price movements have fallen a total of 11.9 percent for the year to date - a much more aggressive total fall than Sydney," he said.

"Illawarra house prices are slower to respond to the forces at work on house prices than Sydney. If we go the same way as Sydney, then house prices in the Illawarra still have another four percent or so to fall before things start to improve.

"This means that it could be three to six before house prices in the Illawarra stabilize."

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CoreLogic's Tim Lawless believes the overall market results for June provide further evidence the housing price downturn is running out of steam.

"The improvement in housing market conditions over the first five months of the year has largely been organic," Mr Lawless said.

"However since mid-May there has been a raft of announcements that should provide a further positive flow through to housing demand."

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Auction clearance rates have also been holding above 60 per cent in Sydney and Melbourne through June; a substantial improvement relative to late 2018 when clearance rates were consistently in the low 40 per cent range.

Also, settled sales activity has shown signs of leveling out and mortgage related valuation events monitored by CoreLogic have posted a subtle rise.