Australian Home Prices Climb Further as Downside Risks Build
Australia’s property market recovered last year despite the Reserve Bank’s aggressive policy tightening campaign.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Australia’s housing market climbed further in April, driven by a supply shortfall that’s increasing affordability challenges at a time when borrowing costs are at a 12-year high.
Mining-hub Perth surged 2%, market bellwether Sydney 0.4% and Brisbane climbed 0.9%, property consultancy CoreLogic Inc. said in a report on Wednesday. Prices in Melbourne declined 0.1%, resulting in an overall increase of 0.6% for Australia’s major cities — unchanged from March.