SYDNEY, March 2 (Reuters) - Australia's housing prices rose again in February as mid-sized capitals like Perth and Brisbane chalked up solid gains, defying last month's rate hike, data from Cotality showed on Monday.
However, prices in Sydney and Melbourne flatlined, which could signal an easing in growth conditions elsewhere down the track, said Tim Lawless, Cotality's research director, adding that vendors were becoming more motivated to sell in those markets.
The Reserve Bank of Australia raised
interest rates by 25 basis points to 3.85% last month, after inflation re-accelerated after three rate cuts last year. Easier financial conditions, with booming property prices, were one reason behind the move.
KEY DETAILS
* National home prices rose 0.8% in February to a recordmedian value of A$922,838 ($649,308.82), figures from Cotalityshowed. Prices for Perth surged by 2.3%, while Brisbane andAdelaide gained by 1.6% and 1.3% respectively, driven by stilllow inventory levels. * House prices in Sydney and Melbourne were both flat, asCotality noted a clear pickup in new listings in the month.Advertised stock in Sydney was 9.7% above the five-year averagewhile in Melbourne it was almost 12% higher. * The more affordable end of the markets is delivering morestrength, with lower quartile house values in Sydney up 0.8% inthe month, while upper quartile fell 0.9%. "First home buyers,investors and subsequent buyers are all competing across thissector of the market," said Lawless, adding credit is lessavailable across the higher price points due to serviceabilityconstraints.($1 = 1.4213 Australian dollars)
(Reporting by Stella Qiu, Editing by Nick Zieminski)
