Plunging Australian Home Values Break 40-year Record

A pedestrian moves past the Reserve Bank of Australia (RBA) building in Sydney, Australia, on Oct. 18, 2022. Lisa Maree Williams/Getty Images

The Reserve Bank’s aggressive rate-hiking cycle has triggered the housing market’s biggest decline in more than four decades.

The 8.4 percent drop between May 2022 and January 2023 is the deepest peak-to-trough fall on CoreLogic’s records, which go back to 1980.