Australian house prices have regained their growth momentum in March after falling for ten consecutive months due to the impact of interest rate hikes.
According to real estate data provider CoreLogic, national home values climbed by 0.6 percent in March.
This is the first positive result following the 8.5 percent drop in house prices since April 2022–which was the Reserve Bank of Australia (RBA) started the interest rate hiking cycle.
Sydney Leads in House Prices Growth
Sydney led the country with a 1.4 percent growth in house prices, followed by Melbourne at 0.6 percent, Perth at 0.5 percent and Brisbane at 0.1 percent.
In contrast, Tasmania saw the most significant drop in home values at 0.9 percent, while Canberra’s, Darwin’s and Adelaide’s dipped by 0.5 percent, 0.4 percent and 0.1 percent, respectively….