Home values across Australia dropped for the fifth month in a row in September as interest rate hikes continued to affect the housing market.
According to real estate data provider CoreLogic, its national home value index fell 1.4 percent in September, following a 1.6 percent decrease in August.
Among the capital cities, Sydney saw the most significant drop in home values at 1.8 percent, followed by Brisbane at 1.7 percent and Melbourne at 1.1 percent.
While Perth and Adelaide reported slight decreases of 0.4 percent and 0.2 percent, respectively, Darwin’s housing values remained unchanged.
The reductions in house prices in the past five months were the direct result of the Reserve Bank of Australia raising interest rates aggressively from 0.1 percent to 2.35 percent to rein in inflation….