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Australian home prices posted another solid increase in April though the pace of ascent slowed a little as affordability became a bigger problem as houses moved beyond the reach of many buyers.
Data from property consultant CoreLogic out on Monday showed national home prices climbed 1.8% in April, after a 2.8% jump in March that had been the largest gain in 32 years. Prices were up 7.8% on last year, and 6.8% in just the three months to April.
Sydney prices raced up 2.4% in April, while Melbourne added 1.3%, Brisbane 1.7% and Perth 0.8%.
The red-hot market has provided a much-needed windfall to consumer wealth and confidence. The Australian Bureau of Statistics estimates the value of homes rose A$258 billion in the December quarter to hit A$7.7 trillion, and that was before the latest surge.
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