Australia Home Prices Fall in May as Lending Curbs Start to Bite
- Housing prices decline 1.1% in month, led by Melbourne, Sydney
- Australia in ‘spectacular housing bubble,’ Citi’s Buiter says
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Australian house prices fell in May for the first time in 17 months, in an early sign lending restrictions are starting to damp demand.
Home values in Australia’s state and territory capitals fell 1.1 percent last month from April, according to CoreLogic Inc. data released Thursday. Still, prices across the combined capitals were 8.3 percent higher than a year ago.