The recovery in home values nationally is being driven by Melbourne.There was a bounce in sales across eastern seaboard housing markets last week and over the weekend, with buyers and sellers more confident in the wake of the re-election of the Coalition government and APRA’s moves to make the cost of borrowing cheaper.CoreLogic senior research analyst Cameron Kusher said the end of threats to changes to negative gearing and capital gains tax, along with APRA’s move to lower hurdles to getting first-home loans and the likelihood of an interest-rate cut, were contributing to the recovery. The suburbs of Paddington and Petrie Terrace are seen with the Brisbane CBD skyline in Brisbane. Image: AAP/Darren England.THE first update on house prices since the federal election reveals the housing market is making a speedy recovery.CoreLogic’s latest home value index for May shows the downturn, led by Sydney and Melbourne, continued to lose steam during the month. The rate of decline in home values is slowing, according to CoreLogic. Image: AAP/Sam Mooy.Mr Kusher said the improvement was also, in part, due to the housing market getting closer to the “bottom”.“We are still seeing slight declines in Brisbane, but the rate of decline seems to be slowing,” he said.The May index indicates falls in values in Perth, while Adelaide home values have held firm over the month-to-date.The final figures for May will be released on June 3. Brisbane home values slipped … in the first 27 days of May, according to CoreLogic. Image: AAP/Darren England.Across the five capital cities, home values slipped 0.4 per cent, which is an improvement on last month when values were down 0.6 per cent.More from newsParks and wildlife the new lust-haves post coronavirus12 hours agoNoosa’s best beachfront penthouse is about to hit the market12 hours agoBrisbane home values slipped 0.4 per cent in the first 27 days of the month — the same amount as in April.The improving rate of decline across the capital cities was driven by Sydney and Melbourne, where values were down 0.5 per cent and 0.3 per cent, respectively, over the month to date.