Australian House Prices Continue to Climb After RBA Rate Cut
Newly built houses in the Caddens suburb of Sydney, Australia.
Photographer: Brendon Thorne/BloombergAustralian home prices climbed for a fourth straight month, driven by a second interest rate cut by the country’s central bank and expectations more will follow later this year.
The Home Value Index advanced 0.5% in May, with every major city recording a rise, property consultancy Cotality, formerly CoreLogic Inc, said in a statement on Monday. Darwin was the top gainer, climbing 1.6%, followed by Perth which rose 0.7%. The bellwether market of Sydney was up 0.5% and Melbourne increased 0.4%.