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MNI BRIEF: Aussie Property Rebounds in March
March was the busiest month for new Australian property listings since May 2022, data showed on Thursday, the second indicator this week to point to a rebound in a sector the RBA has flagged as key ahead of its May 2 interest rate decision.
While the RBA kept rates on hold at 3.6% in April, it said housing and population, alongside energy costs and productivity, will be significant factors in its next move. (See: MNI: RBA's Lowe Notes Supply Issues, Expects Further Hikes).
According to REA Group’s PropTrack Listings Report March 2023, new listings jumped 10.5% m/m in March. Adelaide led (14.6%), with Perth (13.3%) and Sydney (10.3%) rounding out the top three cities. Total listings were up 8% compared to the same time last year.
REA’s data follows figures from CoreLogic showing house prices had rebounded following a 12-month 8% national decline, the largest on record.
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