Home prices drop for first time in two months as supply grows

The Australian dollar dropped to a five-week low against the Australian dollar as prices rose for a second straight day.

The Australian Bureau of Statistics’ survey showed a rise in the price of a house for a one-bedroom unit.

Photo: AP “The Australian dollar was trading around 70.20 cents US to the US dollar yesterday,” Andrew Daley, head of real estate research at UBS said in a note to clients.

“The strength of the Australian housing market has been largely fuelled by the strengthening of global demand, and a weaker US dollar.”