Australian House Prices Drop for Sixth Straight Month
Australian house prices have fallen for a sixth straight month, with experts warning of potential falls of up to 15 per cent in the coming months. The declines are attributed to higher interest rates and cuts to housing tax breaks.
Australia's housing market has experienced a sixth consecutive monthly decline in property values, with experts warning of potential falls of up to 15 per cent in the coming months.
The latest data from Cotality's Home Value Index shows that house prices fell 1.1 per cent in September, taking cumulative declines to 5.2 per cent below March's peak.
Sharp declines in major cities
Brisbane saw the sharpest monthly drop among capitals, with a 1.5 per cent decline, while Sydney recorded a 1.4 per cent fall and Melbourne was down 0.7 per cent. Darwin was the only housing market to avoid a fall, with a 0.4 per cent increase.
Across the capitals, 97 per cent of suburbs recorded value declines over the past three months, according to Cotality's research director Tim Lawless.