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House price fall merely a blip

The fall in prices seen in May is a seasonal blip, expert claims.
The fall in Australian house prices that was seen throughout May was little more than a seasonal blip, according to a property expert in the nation.

On Monday (June 2nd), RP-Data Riskmark reported that the price of buying homes in the country fell by 1.9 per cent, which was the first fall since the same month last year.

However, Paul Bloxham, chief economist for HSBC in Australia, said that it is indicative of this time of year, evidenced by the fact that it was the same month in 2013 the last time there was a fall.

“May is typically a weaker month, and in general there has been a bit of a cooling in terms of activity, but that reflects the very strong housing market we’ve seen in recent months,” he said.

“It’s possible weaker consumer sentiment is having an impact, but it’s too early to make that judgment.”

Posted by Craig Francis

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