Australian Regional Housing Values Rise
National home values in Australia rose 0.3% in April, marking the weakest monthly gain in 15 months. This follows an eight-day run of losses, marking the market's worst streak since 2018. Oil prices have risen to approximately US$111 a barrel in the current session. Gold prices are up 1.5% at 4,600. Growth in Australian house prices has decreased to its slowest pace in over a year. This slowdown is being driven by price falls in Sydney and Melbourne. The trend occurs as the cost of building new homes surges, raising concerns regarding future housing supply. Sydney and Melbourne have entered a five-month downturn. Mid-sized capitals are also losing momentum due to increasing demand-side headwinds, according to the report. Regional markets are showing more resilience compared to other areas despite experiencing a slight slowdown.
Topics
Developing
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Sources · 7 independent
“National home values rose 0.3% in April, the weakest monthly gain in 15 months. Prices are still up 9.8% over the year, with the median home value now above $940,000.”
“the Australian share market is expecting a 1.5% rebound when it opens this morning after an eight-day run of losses to market's worst run since 2018.”
“Australia's housing market kept rising in April, but only 0.3% with new data from analytics firm Kotality showing momentum is slowing.”
“The growth of house prices in Australia has decreased to its slowest pace in more than a year and it's being driven by falls in Sydney and Melbourne.”
“Sydney and Melbourne are now five months into a downturn and even the mid-sized capitals are clearly losing momentum now as a lot of demand side headwinds build.”
“regional markets are actually a lot more resilient. They have seen a little bit of a slowdown but we're still seeing housing values across the broad regional market of Australia up nearly one percent in a month.”
“markets that are rising in value the fastest. It's more the more rural markets, areas like Bunbury or Toowoomba, getting up to Wagga and Dubbo are also very strong markets as well.”
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