Australian home prices end year with strongest gains since 2009

Australian home prices end year with strongest gains since 2009
02/01/2020 , by , in INTERNATIONAL

Australian home prices ended 2019 with the biggest quarterly rise in a decade, a remarkable return to boom from bust that promises to support consumer wealth and, perhaps, spending.

Data from property consultant CoreLogic out on Thursday showed home prices across the nation rose 1.1 per cent in December, from November when they climbed 1.7 per cent.

That brought the gains for the three months to December to 4 per cent, the steepest rise since late 2009 and a world away from the punishing declines seen earlier in the year.

The resurgence was again led by the major cities with values in Sydney up by 1.7 per cent in December and 6.2 per cent for the quarter. Melbourne likewise boasted gains of 1.4 per cent and 6.1 per cent respectively.

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