Business & Finance / 02 March 2022
Home prices stall in Sydney and Melbourne as rates held
Property prices across the country continued to rise in February by 0.6% – its slowest pace since October 2020. But the 2 largest cities bucked the trend, CoreLogic says, with prices in Sydney falling for the first time in 17 months (by -0.1%) and Melbourne prices stalling thanks to buyers hitting the limits and more properties flooding the market. Brisbane (1.8%), Adelaide (1.5%) and regional Oz (1.6%) posted the biggest gains for the month. And as new official data revealed Aussie investor mortgages are at a record high, the Reserve Bank yesterday resisted calls to raise rates from 0.1%. Analysts expect rates to lift as inflation pushes up prices as we attempt to cast of the pandemic, but Reserve Bank Governor Philip Lowe said rates are on hold because it was too early to tell whether the upward trend will continue.
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