Australian Home Prices Hit 40-Year Low Decline
Australian home prices in major cities fell for a seventh straight month, marking the steepest decline in four decades.
Home prices across major Australian cities fell for a seventh consecutive month in October, representing the steepest decline in 40 years. According to a report from Cotality, the Home Value Index dropped 1.4% during the month, contributing to a total decline of 8.1% over the last seven months.
Regional data shows Brisbane suffered the sharpest monthly decrease at 2%. Other major cities also saw declines, with Perth dropping 1.7%, Sydney falling 1.6%, and Adelaide decreasing by 1.2%.
The downturn comes as the Reserve Bank of Australia is expected to increase borrowing costs this week, adding further pressure to the housing market.
