Australia's housing market is slowing, with house prices in major cities like Melbourne and Sydney dropping by 0.6% in April, marking the slowest growth rate in nearly 18 months. Melbourne's home values have decreased by 1.9% since November, while Sydney's have fallen by 1%. The trend shows that buyers are gravitating towards cheaper properties, with the lower quarter of the market seeing a slight increase of 0.1%. In contrast, rental prices are experiencing a significant surge, climbing by 5.7% over the past year, the fastest rate since October 2024. This increase is compounded by low vacancy rates, which are currently below 1.8% across all capital cities, well below the historical average of 3.3%. The rising rents are contributing to inflation, which hit 4.6% in the year to March. The Reserve Bank of Australia is closely monitoring these developments as it prepares for its upcoming interest rate decision. Additionally, Australia has strengthened its energy partnership with South Korea, focusing on enhancing energy supply chain resilience and ensuring a stable supply of resources like diesel and liquefied natural gas (LNG).