Australian home price growth slows as Sydney, Melbourne cool

SYDNEY: Australia’s home-price growth slowed in November as a resumption of interest rate increases and deteriorating affordability pushed buyers to the sidelines, suggesting a gloomier outlook for the market.

Bellwether Sydney rose 0.3%, while Melbourne edged down 0.1% for a price gain in Australia’s major cities of 0.6%, property consultancy CoreLogic Inc said in a report last Friday. There was also more divergence in markets as mining-powered Perth and Brisbane jumped 1.9% and 1.3%, respectively.