π Aussie housing prices keep dropping due to inflation fears
Australian home prices fell for the fifth consecutive month in August, marking the sharpest drop since the pandemic. This decline was recorded across the country, with Sydney and Melbourne leading the downturn. Specifically, prices dropped 0.9% from July, as inflation and rate hike prospects weighed heavily on the market. Analysts anticipate this correction could deepen, with some expecting a 10% fall from the peak. The housing slowdown signals potential headwinds for Australia's wider economic growth. π