CoreLogic home prices for February in Australia
- National home prices fall 0.1% m/m (up 2.2% y/y )
- Capital city home prices fall 0.3% m/m (+2.0% y/y)
- Regional prices +0.4% m/m (+2.8% y/y)
The data point is not an FX market mover upon release, but it all goes into the mix. You'll often see reference in RBA communications (statements, speeches etc.) to house prices - a rapid increase is often a concern on both financial stability and debt-load fronts. Sydney prices have eased back a little in the past months, which has been viewed as a positive by the RBA. Given the size of the Sydney market (bigly) it impacts on national results heavily. The second biggest market is the 2nd biggest Australian city, Melbourne, prices still moving ahead there y/y, but a drop in the latest m/m figures:
