Australian house prices hit new peak as rate cut drives buyer demand

While house prices increased in cities across Australia in March, one industry figure said it is now often cheaper to pay off a mortgage than to rent. Photograph: Mike Bowers/The Guardian

National home prices hit a new peak in March as February’s rate cut reignited buyer demand, according to separate reports from Australia’s leading property analytics companies.

Property values increased 0.4% over the month – the second consecutive month of growth in the national index, CoreLogic reported, after a brief three-month decline where values dipped 0.5%.