Australian property prices rise more slowly in November; bubble fears ease
Easing after two months of strong gains expected to lower concerns about bubble
An index of home prices for Australia's major cities rose only marginally last month, a slowdown after two months of strong gains that should temper concerns about a bubble, industry data shows.
Annual growth in its home price index edged up to 8 per cent, a three-year high, from 7.9 per cent in October. Gains were led by Sydney, where prices were up 12.5 per cent on November last year, while Perth recorded growth of 8.9 per cent and Melbourne 6.6 per cent.
The median property value across all eight major cities hit A$525,000 (HK$3.7 million).
RP Data senior research analyst Cameron Kusher said that while further price growth was likely for this cycle, the peak may have passed for Sydney and Melbourne.
"The increase in home values seems to be slowing to a level reflective of more sustainability when compared to the growth in other indicators," he added.