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Thursday, December 01, 2022

Australia home prices keep rising as Sydney, Melbourne cool

SYDNEY: Australian home prices were rising nationally in April, even as more heat emanated from markets in Sydney and Melbourne, with smaller cities and regions proving resilient to the risk of higher mortgage rates.

Data from property consultant CoreLogic showed on Monday that prices in the combined capital cities rose 0.3 per cent in March to April, as Sydney dropped 0.2 per cent for the second month and Melbourne held steady.

Brisbane again outperformed with a rise of 1.7 per cent, while Perth gained 1.1 per cent and Adelaide by 1.9 per cent.

Prices in the regions climbed 1.4 percent in April and 24 percent in the year, amid a shift to living and more space in the country. Combined, prices nationally rose 0.6 percent in April, up from 16.7 percent in the year.

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Tim Lawless, Director of Research at CoreLogic, said, “A rebound in migration rates with the reopening of state and international borders may partly explain the renewed enthusiasm along with newly advertised stock levels and stronger economic conditions.” is.”

The market had its strongest year ever in 2021, with Australia’s estimated value of 10.8 million homes rising from $2 trillion ($1.42 trillion) to $9.9 trillion.

The surge was an unexpected one for household wealth and consumer spending power, but a hot-button issue ahead of the May 21 federal elections that caused concern about affordability.

Markets are facing more hurdles as the Reserve Bank of Australia (RBA) is widely expected to hike interest rates for the first time in a decade, perhaps as early as its May policy meeting on Tuesday.

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Rates are currently at an emergency low of 0.1 percent, but financial markets are betting they could rise to around 2.5 percent by the end of the year.

($1 = 1.4130 Australian Dollar)

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