Australia's Red Hot Housing Market Shows First Signs of Slowingby
Home prices rise 0.1% in April, smallest gain in 16 months
Slowdown comes after regulators tighten lending restrictions
House prices in Australia increased at their slowest pace in 16 months in April, offering a measure of relief to both homebuyers and regulators after a breakneck run.
Home values in Australia’s combined capital cities rose 0.1 percent in April from March, according to data from CoreLogic Inc. released on Monday. The slowest monthly growth since December 2015 comes after regulators tightened lending restrictions amid fears of a housing bubble.
Still, it’s too early to call a peak in the market, CoreLogic’s head of research Tim Lawless said, adding it was only one month of “soft results” and several public holidays slowed sales.
Prices in Sydney, Australia’s largest city, were unchanged in April, though still 16 percent higher than a year earlier.