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PHOTO:\u00a0The housing market contraction poses a threat to Australia’s 27-year streak of economic growth. \u00a0 \u00a9 Reuters<\/strong><\/p>\n December marks sharpest fall in 35 years, casting shadow on economy’s resilience<\/p>\n SYDNEY — Australia’s housing prices staged the\u00a0largest monthly drop in 35 years during December as a slowdown in Chinese investment helped push\u00a0a cooling market into a deep freeze.<\/p>\n The market contraction could undermine\u00a0Australia’s economy, which has been on an upswing for 27 consecutive years.<\/p>\n Housing\u00a0prices in eight major Australian cities fell 1.3% in December from the previous month, according to property data provider CoreLogic. This drop\u00a0represents\u00a0the biggest month-on-month retreat since 1983, says Morgan Stanley.<\/p>\n READ MORE VIA Nikkei<\/a><\/p>\n <\/p>\n https:\/\/www.instagram.com\/p\/BsT-L5NF3dU\/<\/p>\n <\/p>\n