Australian Housing Market Softens Because of Interest Rate Rises

Australian Housing Market Softens Because of Interest Rate Rises
Property market booklets are seen displaying properties for sale in the Lower North Shore in Sydney, Australia, on May 5, 2022. Brendon Thorne/Getty Images
Alfred Bui
Updated:

Australian national house prices have dropped for the first time in nearly two years as economists said rising interest rates started to impact the housing market.

The CoreLogic home value index dipped by 0.1 percent in May, the first fall recorded since September 2020. This was attributed to the monthly losses in Sydney and Melbourne-Australia’s two most significant real estate markets.
Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].
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