Australian House Prices Are Rising in Every Major City

Australian House Prices Are Rising in Every Major City 3 February 2020 Matthew Hughes Article by Emily Cadman Source: Bloomberg February 3, 2020 Property values gain 0.9% in January, led by Melbourne, Sydney Melbourne prices could return to peak as soon as this month Australia’s property revival is spreading across the country with prices now rising in every major city. Sydney and Melbourne continue to lead the rebound, with prices climbing 1.1% and 1.2% respectively in January, according to CoreLogic Inc. data released Monday. Even Perth, where a 5 1/2-year downturn has hammered property values, is seeing positive movement, with prices up 0.1% in the month, and 0.4% in the past quarter. All up, prices across the eight state and territory capitals rose 0.9% in January, CoreLogic said. While the pace of increases slowed slightly from previous months, even at this rate property values in Melbourne could be back at a record as soon as this month, with Sydney not far behind. Even so, “this pace is still unsustainable considering household income growth is sluggish and housing affordability challenges are worsening,” said Tim Lawless, head of research at CoreLogic. As well as interest r

Article by Emily Cadman Source: Bloomberg  February 3, 2020    Property values gain 0.9% in… Read Article

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