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Australia home prices fall for fifth month, biggest since pandemic
National home prices declined 0.9% in August from July, extending the downturn and highlighting risks to growth as inflation keeps pressure on interest rates.
Housing price declines in Australia extended into a fifth straight month, with figures pointing to the biggest downturn since the pandemic era, according to SCMP Economy.
Data from property consultant Cotality showed national home prices fell 0.9% in August from July, following a 1.2% drop in July.
The outlet said Sydney and Melbourne again led the monthly declines, indicating the pressure is concentrated in major markets.
SCMP Economy added that further pain is expected as stubborn inflation continues to put upward pressure on interest rates, raising risks to economic growth.