Australian housing values fell for the fourth consecutive month in August as interest rates continued to hike, marking the sharpest drop in nearly four decades.
According to real estate data provider CoreLogic, national home values dipped by 1.6 percent to $738,321 (US$500,000) during the month, with the downturn observed in every capital city except Darwin.
Sydney continued to lead the downward trend as its home values slipped by 2.3 percent in August, followed by Brisbane at 1.8 percent and Hobart at 1.7 percent.
CoreLogic’s research director Tim Lawless said Brisbane’s decline had been acute after the city experienced considerable growth in house prices for nearly two years due to record high internal migration and relative affordability….