Australia’s housing prices gain moderate momentum

 SYDNEY - Austra­lia’s home value index (HVI) rose 0.8 percent in August from July, marking the sixth consecutive month of rise, property consultation firm CoreLogic said on Friday. The growing momentum slightly accelerated in Au­gust as compared with the 0.7 percent increase in July, but still lower than the 1.2 percent increase seen in May and 1.1 percent rise in June. CoreLogic figures also show that the national HVI picked up 4.9 percent since bot­toming out in February this year, adding approximately 34,301 Australian dollars (around 22,203 U.S. dollars) to the median housing pric­es. Among the capital cities, Brisbane posted the high­est increase of 1.5 percent in house value in August as compared with the previous month, followed by Sydney and Adelaide, each rising by 1.1 percent. Hobart, the capital of Australia’s island state of Tasmania, was the only capital city recorded a slide of 0.1 percent in in house value in August. At the combined capital cities level, house values has risen by 6.3 percent since bottom­ing out in February. Sydney has led the recovery trend to-date with a gain of 8.8 percent since house values found a floor in January this year, said Tim Lawless, re­search director of CoreLogic. Brisbane has also posted a strong recovery with values up 6.2 percent since bottom­ing out in February.

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