Australia Home Prices Fall by Most Since 2008 as Sentiment Slips
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Australian dwelling prices fell by the most in almost 5 1/2 years as spending cuts and tax increases in last month’s federal budget weighed on homebuyers.
Average home prices in the nation’s eight biggest cities fell 1.9 percent in May, the biggest monthly drop since December 2008, according to the RP Data-Rismark Home Value index. All major cities except Darwin and Canberra recorded declines, with Melbourne seeing the biggest drop of 3.6 percent, the index showed.