SYDNEY, March 2 (Reuters) – Australia’s housing prices rose again in February as mid-sized capitals like Perth and Brisbane chalked up solid gains, defying last month’s rate hike, data from Cotality showed on Monday.
However, prices in Sydney and Melbourne flatlined, which could signal an easing in growth conditions elsewhere down the track, said Tim Lawless, Cotality’s research director, adding that vendors were becoming more motivated to sell in those markets.
The Reserve Bank of Australia raised interest rates by 25 basis points to 3.85% last month, after inflation re-accelerated after three rate cuts last year. Easier financial conditions, with booming property prices, were one reason behind the move.
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(Reporting by Stella Qiu, Editing by Nick Zieminski)
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