Economics
Australia House Prices Record Steepest Drop in Four Decades
- Sydney again led declines, falling 2.3%; Brisbane dropped 1.8%
- Housing market seen remaining under pressure from rate hikes
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Australian home prices recorded their largest monthly decline in almost four decades in August, with rapidly rising interest rates expected to drive further falls in the period ahead.
Sydney, Australia’s largest market and its bellwether, slid 2.3%, Melbourne dropped 1.2% and Brisbane fell 1.8%, CoreLogic Inc. said in a report Thursday. They were the main drivers behind a 1.6% decline in major cities.