Pursuits
Australian House Prices Rise Most in Seven Years on Low Rates
- Home prices climbed 10.9% last year, CoreLogic data shows
- Housing price growth accelerated after central bank rate cuts
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Australian house values increased at the fastest pace in seven years in 2016, as record-low interest rates helped fuel demand for property despite warnings such price increases may be unsustainable.
The average dwelling value in the nation’s eight state and mainland territory capitals rose 10.9 percent last year, compared to 7.8 percent in 2015, data from CoreLogic Inc. released Tuesday showed. That’s the biggest increase since 2009.