PHOTO: About $9 billion has been wiped off the market values of Australia’s largest building materials companies in the past six months.
Australia’s house price slump has sent a chill through a swathe of the economy and threatens to inflict more damage if it prompts already cautious consumers to further cut down on spending.
With the prospect of the biggest fall in Sydney house prices since the 1990s, more than $9 billion has been wiped off the combined market values of seven of the country’s largest building suppliers since June (from about $39 billion to $30 billion).
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