Australia House Prices Fall the Most in 7 Years
- Dwelling values down 0.6% in July, led by Sydney and Melbourne
- Decline set to continue amid lending curbs, investor retreat
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Australia’s property slump deepened in July, with housing prices falling the most in almost seven years.
National dwelling values dropped 0.6 percent last month -- the biggest fall since September 2011 -- as declines in Sydney and Melbourne accelerated, according to CoreLogic Inc. data released Wednesday. Prices have now fallen for 10 straight months due to a combination of lending curbs, stretched affordability and reduced investor demand.