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Australian Home Prices Fell in Final 3 Months of 2017

  • Sydney market continues to cool, declining 2.1% in quarter
  • Expect softer housing conditions in year ahead, CoreLogic says
Apartment buildings stand in the suburb of Rhodes in Sydney, Australia, on Sunday, Jan. 8, 2017. Australian house values increased at the fastest pace in seven years in 2016, as record-low interest rates helped fuel demand for property despite warnings such price increases may be unsustainable.

Photographer: Brendon Thorne/Bloomberg

Australian home prices fell in the final three months of 2017, the first such decline in almost two years, as the nation’s biggest market Sydney continued to cool.

Values nationally declined 0.3 percent in three months to Dec. 31, the first such drop since the period ending April 2016, according to CoreLogic Inc. data released Tuesday. Prices in Sydney dropped 2.1 percent in the quarter, dragging the city’s annual growth rate to 3.1 percent from 17.1 percent just seven months ago.