Australia House Prices Unexpectedly Rise After RBA Rate Cuts
This article is for subscribers only.
Australian house prices unexpectedly rose in the three months through June, ending five straight quarters of declines, as lower interest rates lured buyers.
An index measuring the weighted average of prices for established houses in eight major cities advanced 0.5 percent last quarter from the previous three months, the Australian Bureau of Statistics said in Sydney today. The median estimate of 18 economists surveyed by Bloomberg News was a 0.5 percent fall. House and apartment prices in the cities rose 0.6 percent in July from the prior month, when they rose 1 percent, the RP Data-Rismark home value index, also released today, showed.