Huge market: A file picture showing residential properties along a street in Brisbane.Australia’s housing stock is valued at A$6.8 trillion (US$4.71 trillion), or almost four times the country’s annual gross domestic product. — Bloomberg
SYDNEY: Australian home prices saw a tantalising hint of stability last week as the hard-hit market drew support from the prospect of lower mortgage rates and a continuation of tax breaks for property investing.
A pause in price declines would be welcome news for the entire economy since sliding prices have been undermining confidence and consumer spending power.
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