SYDNEY, June 2 — Australian home prices climbed at a brisk pace in May, posting the largest monthly gain since October, as a sustained squeeze on supply of affordable homes in...
A view of Sydney city with the iconic Sydney Opera House in the foreground. Sydney boasted a 0.6 per cent growth, equalling the record high set in January 2022. — Reuters picSYDNEY, June 2 — Australia n home prices climbed at a brisk pace in May, posting the largest monthly gain since October, as a sustained squeeze on supply of affordable homes in most major capital cities continued to push prices up nationwide, data showed today.
CoreLogic Research Director Tim Lawless said low supply had kept Australian housing prices largely insulated from the combined effect of high interest rates, cost of living pressures and deeply pessimistic consumer sentiment.“Fresh listings are being absorbed rapidly by market demand, keeping stock levels low and upwards pressure on prices.”
That has led to prices climbing in state capital cities, with Perth up 2.0 per cent in May, Adelaide rising 1.8 per cent and Brisbane up 1.4 per cent. In dollar terms, it is the equivalent of the median value rising by more than A$12,000 month-to-month.Sydney boasted a 0.6 per cent growth, equalling the record high set in January 2022. Values had dropped by 12.4 per cent since then, finding a floor a year later, but it has since risen 14.
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