Economics
Australia House Prices Fall for 11th Month as Downturn Deepens
- National dwelling values drop 0.3%, led by Sydney, Melbourne
- Westpac rate rise, household debt set challenges for spring
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Australian housing prices fell for an 11th straight month in August, and further declines are likely as the peak selling season starts.
National dwelling values dropped 0.3 percent last month, led by declines in Sydney and Melbourne, according to CoreLogic Inc. data released Monday. Prices in Sydney, the epicenter of the recent property boom, have now fallen 5.6 percent from a year earlier.