The red hot housing market of Australia showed first signs of slowing as prices rose at their slowest pace in 16 months in April, reported Bloomberg.
Data from Corelogic Inc indicated that home values in the combined capital cities of Australia climbed 0.1 percent month-on-month in April – or its slowest since December 2015.
The slower growth in prices comes after regulators imposed tighter lending restrictions amid fears of a housing bubble.
However, Tim Lawless, head of research at Corelogic, noted that it is still too early to declare a peak in the market given that it was only a month of ‘soft results’ and sales were slowed by several public holidays.
Home prices in Sydney, the biggest city in Australia, held firm in April, albeit it is still 16 percent higher from the previous year.
This article was edited by Denise Djong.