Australia’s housing market records biggest monthly decline in decades

SYDNEY, Sept 1 — Australia’s property prices have shown the biggest monthly decline in nearly four decades, while broader downswing value spreads across capital cities and regions, reported Xinhua.

This is the fourth consecutive month that house prices in Australia declined. CoreLogic suggested the downturn is accelerating and becoming more geographically broad-based, as regions are also catching up recording a 1.5 per cent drop in combined regional values. Lawless expected the downturn will continue to play out through the remainder of the year, and possibly into 2023, as the interest rates haven’t “found a ceiling”.

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