Australian home prices level out in Feb – RPData

Investors can celebrate property price growth of 10% on last year, according to the latest numbers from RP Data:

(Reuters) – Home prices across Australia’s major cities were flat in February after a run of strong gains, although they remained almost 10 percent higher than a year ago.

Figures from property consultant RPData-Rismark showed overall dwelling prices were up 9.5 percent compared to February last year, led by 14.1 percent growth in Sydney.

Sydney also saw prices rise 0.8 percent in February, from January, while prices in five other cities fell in the month.

“The likelihood is that the weak reading for February is an adjustment from the strong readings in December and January rather than the beginning of a flat to negative growth phase across the macro level housing market,” said RP Data research director Tim Lawless.

Buyer demand remained very strong in February with RP Data’s valuation platforms recording a record month for average daily levels of mortgage-related activity. Auction clearance rates were also Read More…

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