Australian Home Prices Fall 1.1% in September, Sixth Straight Monthly Decline

SYDNEY — Australian home prices fell 1.1% in September from August, the sixth consecutive monthly decline, leaving national prices 5.2% below their peak and flat year-over-year, according to property data firm Cotality. UBS chief economist George Tharenou said the pace of declines is near the sharpest on record, forecasting a peak-to-trough drop of about 10% and at least a year of further weakness — which would mark the largest downturn since records began in 1980. The current worst slump is an 8.9% decline in 2022-2023. Sydney prices fell 1.4% and are nearly 9% below their February peak; Melbourne eased 0.7%. Brisbane, Adelaide and Perth each slid more than 1%. Transaction volumes for the past three months fell 19% from a year earlier. The Reserve Bank of Australia raised rates on Tuesday to a 15-year high of 4.6%, its fourth hike this year, warning it stands ready to tighten further to combat persistent inflation.