Australian house prices are falling, with housing experts expecting to see more significant downward trends in the upcoming months as the Reserve Bank of Australia (RBA) continues to raise the cash rate.
The CoreLogic’s home value index dipped 0.6 percent in June, the second month in a row, following the RBA’s second cash rate hike in 2022. The index for the June quarter was also down by 0.2 percent.
“Considering inflation is likely to remain stubbornly high for some time, and interest rates are expected to rise substantially in response, it’s likely the rate of decline in housing values will continue to gather steam and become more widespread,” CoreLogic research director Tim Lawless said….