Australian house price growth sees slowdown

Sydney, Aug 31 (IANS) The growth in price of housing in Australia’s capital cities has slowed, according to preliminary figures from analytics firm CoreLoigic RP Data.

The growth rate data, to be released on Tuesday, suggests to only 0.5 percent gain in August after gains of 2.8 percent in July and 2.1 percent in June, Xinhua reported on Monday.

Head of Research at CoreLogic RP Data, Tim Lawless, told local media that the monthly growth slowdown was most evident in the southern capital city of Melbourne, where house prices remained relatively flat in the first four weeks of August compared with the July average.

Sydney house prices rose about 1 percent.

The latest monthly rise in CoreLogic’s data suggests Australia’s annual house price growth slowed to 10.5 percent in the year to August, down from 11.1 percent over the year to July, local media reported.

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