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Financial News: Australia Home Prices Rise Further In April: CoreLogic

Australia Home Prices Rise Further In April: CoreLogic

05/01/2023 - 06:43:00 (RTTNews)

(RTTNews) - House prices in Australia grew for the second straight month in April, signaling that the country's housing market downturn is coming to an end ahead of a central bank rate decision scheduled for Tuesday.

House prices rose 0.5 percent month-on-month in April, after a 0.6 percent renewed increase in March, figures from the property consultant CoreLogic showed on Monday.

This was followed by a 9.1 percent slump in home prices between May last year and February this year.

Among regions, Sydney logged the biggest monthly rise of 1.3 percent in April with dwelling values rising each month since February.

According to CoreLogic's Research Director Tim Lawless, the housing market has reached its inflection point.

"Not only are we seeing housing values stabilizing or rising across most areas of the country, a number of other indicators are confirming the positive shift," Lawless added.

The outlook for housing markets largely rests with the trajectory of interest rates.

Lawless expects that the timing of a rate cut remains highly uncertain. However, once rates start coming down, that is when a more sustained momentum is likely to gather in the housing markets.

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