Australian house prices drop for sixth straight month with falls of up to 15 per cent expected
Australian house prices have declined for six consecutive months, with experts predicting a total peak-to-trough drop of up to 15 percent. High interest rates and changes to tax breaks are cited as the primary drivers for this ongoing market downturn.
Why it matters
The sustained decline in the Australian property market signals potential economic instability and impacts the wealth of a significant portion of the population.
Cotality's Home Value Index fell 1.1 per cent in September taking cumulative declines to 5.2 per cent below March's peak. ( ABC News: Declan Bowring )
Cotality's Home Value Index dropped 1.1 per cent in September.
All capital cities except Darwin recorded a drop in September.
Experts warn the property market could experience peak-to-trough falls of up to 15 per cent nationally.
Link copied Share Share article Australian house prices fell for a sixth straight month in September, and experts say the property market could experience falls of up to 15 per cent in the coming months off the back of higher interest rates and cuts to housing tax breaks.
Cotality's Home Value Index fell 1.1 per cent in September, taking cumulative declines to 5.2 per cent below March's peak.
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