PHOTO: Apartments in Sydney, Australia. Photographer: Brendon Thorne/Bloomberg
Australian property prices posted the smallest monthly decline in a year in May, adding to signs the worst of the housing downturn has passed.
- Housing values nationally fell 0.4% last month, compared to a 0.5% decline in April, according to CoreLogic Inc. data released Monday. From a year ago, prices declined 7.3%.
- The housing market has been given a triple-whammy of confidence-boosting news in recent weeks: Labor’s surprise election loss killed off its plans to wind back tax breaks for property investors; the banking regulator has proposed easing stress-test buffers for mortgages; and the central bank is likely to cut interest rates Tuesday.
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