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Aus house price growth slowed down in July

Canberra, Aug 1 (IANS) The Home Value Index (HVI) for Australia rose 0.7 per cent in July as compared with June, marking the fifth consecutive month of growth, according to a report released on Tuesday.

Although the home values are still on the upward trend, its growth momentum in July has further eased from 1.2 per cent in May and 1.1 per cent in June, according to the report released by Corelogic, a major property data and analytics provider in Australia.

The report attributed the slowdown in value growth mostly to an easing in gains across the top-end property market, Xinhua news agency reported.

The low- and middle-end property market remained resilient in July, it added.

“Premium housing markets tend to lead the cycles, so the slowdown in the pace of growth could be a sign of a broader easing in the pace of growth over the coming months”, Tim Lawless, Corelogic Research Director, said in the report.

After leading the upswing, Sydney, the capital city of Australian state of New South Wales, recorded the most substantial reduction in growth in July, said Lawless.

The growth rate in Sydney housing values halved from a recent high of 1.8 per cent in May to 0.9 per cent in July while the number of new listings jumped 9.9 per cent from the same time of last year.

“An increased flow of new listings provides more choice and may be working to reduce some of the urgency felt among prospective buyers, Lawless noted.

Brisbane and Adelaide, the respective capital cities of Queensland and South Australia, saw the monthly pace of growth accelerate to 1.4 per cent across both cities in July.

Canberra, the national capital of Australia, was the only city that recorded a monthly decline of 0.1 per cent in home values in July.

Indian Abroad News Desk
Indian Abroad News Desk
Indian Abroad is a news channel and fortnightly newspaper meant for Australia’s Indian community and, besides news, focuses on lifestyle subjects like health, travel, culture, arts, beauty, fashion, entertainment, Bollywood, etc. Our YouTube channel here features daily news bulletins besides infotainment videos on lifestyle subjects.

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