Australian home values fall for seventh straight month

Australian dwelling values fell for a seventh consecutive month in October, with Cotality reporting declines across major cities as the Reserve Bank of Australia prepared for a possible further interest-rate increase. Cotality’s national measure showed values down 1.2% during October and 6.7% from their March peak. The data provider also reported a 1.4% October decline in its Home Value Index for major cities, which was down 8.1% over seven months. These are different measures, and the reports do not provide a reconciliation between them. Brisbane recorded the largest monthly fall among the cities highlighted by Cotality, at 2%. Values declined 1.7% in Perth and 1.6% in Sydney. Cotality research director Tim Lawless said virtually every suburb in Brisbane, Perth and Adelaide had recorded a fall over the preceding three months. Sydney’s median dwelling value was reported at $1,178,959, more than 10% below its February peak and below its level five years earlier. Brisbane’s median value, despite its October decline, remained 46% above its level five years earlier, according to Cotality. The downturn comes amid pressure on household budgets and borrowing capacity. Cotality...