Australia's home price surge ebbs as sales hit a sinkhole [Reuters]
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Source: Reuters
Australia's home price surge ebbs as sales hit a sinkhole SYDNEY, May 1 (Reuters) - Australian home price growth slowed sharply in April as a coronavirus lockdown caused a sudden pullback in both buyers and sellers, and worse is to come as a spike in unemployment eats into incomes. Data from property consultant CoreLogic out on Friday showed home prices across the nation rose 0.3% in April, down from 0.7% in March and the slowest pace since last June. Prices were still up 8.3% for the year, however, with values in the capital cities rising 9.7%. Sydney remained solid with prices up 0.4% in April and 14.3% for the year. Melbourne took a 0.3% dip in the month, though annual growth stayed up at 12.4%. “Although housing values were generally slightly positive over the month, the trend has clearly weakened since mid-to-late March, when social distancing policies were implemented and consumer sentiment started to plummet,” said CoreLogic’s head of research Tim Lawless. The housing market ha
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