Australian home prices rebounded across the capital cities in June, recouping much of May’s decline and suggesting there was still life left in the housing market. Figures from property consultant RPData-Rismark showed dwelling prices rose 1.4 percent in June, from May when they had fallen 1.9 percent.
May’s decline had prompted talk the market was out of puff and due for a large correction. But the data are not seasonally adjusted and the market can swing sharply from month to month. Prices were 10.1 percent higher than in June last year, a moderate slowdown from May’s pace of 10.7 percent. Clearance rates at home auction remained firm at around the 60 percent mark, while demand for mortgages was relatively high.
Sydney and Melbourne again boasted the biggest gains in June, as they have for the past year. Home prices in Sydney were 15.4 percent higher than in June last year, while Melbourne saw gains of 9.4 percent.