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Australia\u2019s overall housing market continued to lose steam, as February results show a softer monthly growth in dwelling values and Sydney reports its first monthly decline.<\/p>\n
CoreLogic\u2019s national Home Value Index showed 0.6% growth in February. While this marks the 17th consecutive monthly increase in national median dwelling price, it is also the lowest monthly growth reading since October 2020.<\/p>\n
For the first time in more than a year, the median property price in Sydney decreased by 0.1%.<\/p>\n
CoreLogic research director Tim Lawless said every capital city and broad \u2018rest of state\u2019 region is now recording a slowing trend in gains.<\/p>\n
\u201cConditions are easing less noticeably across the smaller capitals, especially Brisbane, Adelaide<\/a> and Hobart, where housing values rose by more than 1% in February,\u201d he said.<\/p>\n \u201cSimilarly, regional markets have been somewhat insulated to slowing growth conditions, with five of the six rest-of-state regions continuing to record monthly gains in excess of 1.2%.\u201d<\/p>\n The February results came as the Reserve Bank of Australia (RBA) made its decision to maintain the cash rate at 0.1%.<\/p>\n RBA Governor Philip Lowe cited the ongoing conflict in Ukraine a \u201cnew major source of uncertainty\u201d that could affect inflation, which the central bank monitors for its cash rate policy.<\/p>\n \u201cInflation in parts of the world has increased sharply due to large increases in energy prices and disruptions to supply chains at a time of strong demand,\u201d he said.<\/p>\n \u201cThe prices of many commodities have increased further due to the war in Ukraine.\u201d<\/p>\n Mr Lowe maintained that the RBA will not make any moves in the cash rate unless Australia\u2019s actual inflation is sustainably within the 2% to 3% target range.<\/p>\n \u201cInflation in parts of the world has increased sharply due to large increases in energy prices and disruptions to supply chains at a time of strong demand \u2014 the prices of many commodities have increased further due to the war in Ukraine,\u201d he said.<\/p>\n \u2014<\/p>\n Photo by @jeffreymwegrzyn on Unsplash<\/p>\n<\/p><\/div>\n
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