- Australian home prices fell 1.4% in October across major cities, extending a seventh straight monthly decline, according to property consultancy Cotality.
- Prices are down 8.1% over the past seven months and are on track for the biggest fall in 40 years.
- Brisbane led the October declines with a 2% drop, followed by 1.7% in Perth, 1.6% in Sydney and 1.2% in Adelaide.
- The Reserve Bank is expected to increase borrowing costs again this week, adding pressure to a housing market already in decline.
Quotes
“The Home Value Index for major cities slid 1.4% in October and is down 8.1% over the past seven months”