PHOTO: Australian home prices have fallen 3% from their peak, a comparatively mild downturn compared to downturns seen in the past.
Australian home prices fell for an 11th consecutive month in August, led by declines in most capital cities, and regional areas, according to CoreLogic.
However, while prices have been consistently falling, at 2%, the decline in the group’s hedonic home value index over the past year has been smaller than those witnessed in the past, at least so far.
And given prices nationwide fell by 0.3% last month in average weighted terms, just half the pace seen in July, it suggests that rather than accelerating, the declines are becoming smaller.
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