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House prices spike but economists warn it won’t last long

The property market appears to be on the mend after it’s largest monthly increase in more than two years but economists warn it may not last for long.

CoreLogic data shows the national market experienced a 0.8 per cent spike for the month of August.

ANZ head of Australian Economics David Plank tells John Stanley the spike in house prices won’t last.

“I think the credit won’t be there, ultimately, so this pop we’re seeing in house prices probably won’t be sustained but we have to wait and see.

“At the moment the housing market in Melbourne and Sydney has responded very forthrightly to the interest rate cuts as it always does.”

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CoreLogic’s head of research Tim Lawless joins John to crunch the numbers.

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JOHN STANLEY
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