Australian House Prices Fall for Fifth Straight Quarter
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Australian house prices declined in the three months through March in the longest losing streak in at least a decade as the central bank maintained the highest borrowing costs among major developed nations.
An index measuring prices for established houses in eight major cities dropped 1.1 percent last quarter from the previous three months, when it fell a revised 0.7 percent, the Australian Bureau of Statistics said in Sydney today. House and apartment prices slumped 4.5 percent in the eight cities in April from a year earlier, according to real estate researchers RP Data and Rismark International.