(Corrects price rise for Sydney to 1.3%, not 3.1%, in fourth
paragraph)
SYDNEY, May 1 (Reuters) - Australian home prices rose
for a second straight month in April, data showed, in a further
signal that the nation's property market may have hit a floor
ahead of a central bank rate decision on Tuesday.
Figures from property consultant CoreLogic released on
Monday showed prices nationally rose 0.5% in April from March,
when values were up 0.6%, indicating Australian home prices may
have bottomed out after slumping 9.1% from May 2022 to February.
CoreLogic research director Tim Lawless said prices were
"stabilising or rising" across most parts of Australia.
Sydney, the capital of Australia's most populous state New
South Wales, led the way in April, with prices rising 1.3%,
while in the capital of Victoria state, Melbourne, they ticked
up 0.1%, according to the data.
Adding to improved prospects for the housing market, the
Reserve Bank of Australia (RBA) is tipped to hold its interest
rate unchanged on Tuesday for a second straight monthly meeting,
a Reuters poll of economists showed last week.
More than 75% of economists polled in the survey said the
RBA would keep its tightening campaign paused after hiking rates
by 350 basis points since last May to curb red-hot inflation.
While the annual inflation rate eased from 7.8% to 7% in the
March quarter, it was still well above the central bank's target
range of 2% to 3%. The RBA could consider raising rates again in
coming months if elevated inflation persisted, according to
economists.
Even so, Lawless said as interest rates looked more stable
there was a good chance consumer sentiment would improve,
boosting housing purchases and sales.
"Other indicators are confirming the positive shift," he
said. "Auction clearance rates are holding slightly above the
long-run average, sentiment has lifted and home sales are
trending around the previous five-year average."
(Reporting by Sam McKeith; Editing by Jamie Freed)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.