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Home prices in Australia fell for the seventh month in a row, heading for its biggest decline in nearly 40 years, according to private index data, at a time when expectations are rising that the Reserve Bank of Australia will raise interest rates again this week.
Consulting firm Totality said in a report that the housing value index in major cities fell by 1.4 percent in October, bringing the total decline to 8.1 percent over the past seven months.
OPEC+ decides to keep production levels unchanged for December
Brisbane recorded the largest monthly decline of 2%, followed by Perth by 1.7%, and Sydney by 1.6%.
The Reserve Bank of Australia has raised interest rates four times this year as part of its efforts to return inflation to the target range of 2% to 3%, amid continuing price pressures and rising production costs.
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