Australia home prices ease

Australian home prices showed some signs of stabilisation in June with values in the biggest markets of Sydney and Melbourne inching up for the first time since 2017 as sentiment was boosted by mortgage rate cuts by banks. The report from property consultant CoreLogic showed home prices nationally fell 0.2 per cent in June from May, when they eased 0.4 per cent. The pace of decline has gradually slowed since December when prices slid 1.1 per cent. Home values in Sydney inched up 0.1 per cent last month, marking its first monthly rise since July 2017. In Melbourne, prices rose 0.2 per cent, recording the first increase since November 2017. The revival will be welcomed by Australian policymakers who are hoping a lift in home values would boost consumer sentiment and stimulate demand in the economy.