Housing Downturn Spreads Across Australia as Home Values Tumble in August

A general view of housing in the southern suburbs in Sydney, Australia, on May 3, 2022. Brook Mitchell/Getty Images

Australian housing values fell for the fourth consecutive month in August as interest rates continued to hike, marking the sharpest drop in nearly four decades.

According to real estate data provider CoreLogic, national home values dipped by 1.6 percent to $738,321 (US$500,000) during the month, with the downturn observed in every capital city except Darwin.