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Australian House Prices Fall Most Since 2008 on Higher Rates

Australian house prices declined in the first quarter by the most since 2008 as higher borrowing costs curbed demand and floods disrupted the property market in Queensland state.

An index measuring the weighted average of prices for established houses in eight major cities slid 1.7 percent from three months earlier, the biggest fall since the third quarter of 2008, the Australian Bureau of Statistics said in Sydney today. There was a decrease in transactions in Queensland’s capital, Brisbane, it said.