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Australia's Housing Market Slows, Rents Surge
Description
Australias housing market is experiencing a two-speed split, with high-end properties plummeting while lower-end prices remain stagnant. Melbourne and Sydney saw a 0.6% drop in April, while Canberra and Hobart edged up slightly. Rents for houses are surging, with Perth and Hobart leading the way at 7% and 8.8% respectively. This rental surge and cooling prices could impact the Reserve Banks interest rate decision, potentially causing more pain for high-end sellers and affordability concerns for everyone else.
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