Australia news live: housing market slows but rents surge; Penny Wong hails South Korea energy pact
Summary
Australia's housing prices are slowing down, especially for expensive homes, while rents are rising quickly in many cities. Australia and South Korea have agreed to work together to keep energy supplies steady and safe.Key Facts
- Melbourne and Sydney house prices dropped 0.6% in April, marking almost 18 months of slow housing market activity.
- Expensive homes' prices fell by 1.2%, while cheaper properties rose slightly by 0.1% in major cities.
- Rents increased by 5.7% over the past year, with April alone seeing a 0.6% rise, the fastest since October 2024.
- Rental vacancy rates in all capital cities are below 1.8%, which is much lower than the 2010s average of 3.3%.
- Rising rents contribute significantly to Australia’s inflation, which reached 4.6% in March.
- The Reserve Bank of Australia is considering raising interest rates again due to inflation concerns.
- Australia and South Korea signed a joint statement to cooperate on energy supply security, covering resources like diesel and liquefied natural gas (LNG).
- South Korea is Australia’s largest buyer of LNG and a top supplier of diesel and jet fuel to Australia.
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