Australian house prices rise for the seventh consecutive month after interest rate cuts

Driven by the decline in borrowing costs and a shortage of housing supply in major cities, Australian house prices have risen for the seventh consecutive month. Real estate consulting firm Cotality stated in a statement on Monday that the housing value index rose by 0.7% in August. Among them, Brisbane's monthly price increase reached 1.2%, leading the nation; the benchmark Sydney house prices rose by 0.8%. Cotality pointed out in the report that "the momentum of the house price increase cycle has been gradually strengthening since the Reserve Bank of Australia cut interest rates in February." The report also mentioned that real wage growth, improved market confidence, and tight inventory of listed properties are important factors driving the rise in house prices