House price fall accelerates as rate rises and budget policies hit

Australia's property market deepened its downturn in July as dwelling values in major capitals fell 0.9 percent, led by Sydney's 1.7 percent drop and Melbourne's 1.4 percent decline. Rising interest rates, cost-of-living pressures and May budget tax changes on property combined to accelerate the market's weakness since February.

Summary by OZbrief Editorial · SMH · Source