House price growth slows in April
House price growth slowed considerably in April, suggesting a change in market conditions as recent interest rate hikes took their toll.
According to the RP Data-Rismark Hedonic Home Value Index, which was released yesterday (May 31st), the national average price growth for dwellings was 0.2 per cent in April down from 1.3 per cent in March, the Australian reported.
The research also showed that average home prices fell in some major cities during the month, with declines of 1.2 per cent in Brisbane, 0.9 per cent in Perth and 0.3 per cent in Darwin.
Meanwhile, Sydney saw only moderate price gains of 0.3 per cent, while Melbourne and Adelaide saw 0.8 per cent price growth and Canberra 0.6 per cent.
Tim Lawless, research director at Rpdata.com, suggested that rising rates and falling consumer confidence had impacted on the marketplace, with such factors affecting the decision of Aussies looking to compare home loans and secure a property.
Home borrowers were granted a reprieve today when the Reserve Bank of Australia opted to keep the official cash rate on hold at 4.5 per cent.
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