Australian house prices snap declines as Sydney market surges

The rebound after nine months of large declines has been surprising, say commentators. (Image: Getty)

Tue, 04 Apr 2023

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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