Australian house prices snap declines as Sydney market surges

Australian house prices snap declines as Sydney market surges
The rebound after nine months of large declines has been surprising, say commentators. (Image: Getty)
Bloomberg
By Swati PandeyAustralian house prices snapped 10 months of declines in March, led by a surge in the bellwether Sydney market in a positive sign for the economy after the central bank’s almost yearlong policy tightening cycle. Prices in Sydney jumped 1.4%, followed by Melbourne and Perth, resulting in a 0.8% increase for Australia’s major cities, data from property consultancy CoreLogic showed on Monday. Still, Sydney property values have fallen 12.1% over the past year.“The U-turn in home prices after nine months of larg...

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