Australia’s House Prices Rise Sharply in May, Driven by Sydney
A real estate sign in Croydon Park, Australia.
Photographer: Lisa Maree Williams/Getty ImagesAustralia’s house prices climbed for a third straight month in May, suggesting further interest-rate increases may be needed to cool resurgent demand that threatens to exacerbate inflationary pressures in the economy.
Prices in bellwether Sydney jumped 1.8%, the city’s biggest increase since September 2021, data from property consultancy CoreLogic Inc. showed Thursday. Brisbane gained 1.4% and Melbourne and Adelaide rose 0.9% apiece, resulting in a 1.4% advance for the nation’s major cities as a whole.