Australian House Prices Rebound in February, Spurred by Rate Cut
- Sydney, Melbourne both posted gains, led by premium suburbs
- CoreLogic highlights improved auction clearance rates as well
The Sydney city skyline from the suburb of Balmain.
Photographer: Lisa Maree Williams/BloombergAustralian house prices rebounded last month as buyers jumped into the market in anticipation of the first interest-rate cut in more than four years which the Reserve Bank then delivered two weeks ago.
The Home Value Index for major cities advanced 0.3% in February after two months of declines, property consultancy CoreLogic Inc. said in a statement on Monday. Sydney and Melbourne, the nation’s two largest markets, both recorded gains, as did all other cities except Darwin.