Australia's housing market started the year with a bang as annual price gro...
SYDNEY - Australia’s housing market started the year with a bang as annual price growth accelerated to the fastest pace since late 2017, supporting consumer wealth and confidence in the face of damaging wildfires and the coronavirus scare.
That brought the gains for the 12 months to January to 4.1%, a world away from the punishing declines seen early last year. January is seasonally a slow period for home sales being the peak of the Australian summer holiday season. This year sentiment was also darkened by bushfires raging across the southeast of the continent.
The Reserve Bank of Australia holds its first meeting of the year on Tuesday and futures imply around a 20% chance of a quarter point cut in the 0.75% cash rate. [AU/INT] Still, the rebound in home prices is a boon for wealth with Australia’s housing stock valued at a hefty A$6.9 trillion . The surge in prices is also attracting more money into home building after more than a year of sharp declines.
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