Economy / Markets
Australian home prices fall for fifth straight month as housing downturn spreads to more regions
National Australian home prices fell 0.9% in August from July, the fifth consecutive monthly decline, with property consultant Cotality's data showing values are now 3.1% below the recent peak as the downturn widens beyond Sydney and Melbourne. Independent economist Alan Oster highlighted significant geographical disparities in the housing market, while equity strategists noted that Australian stocks joined a global risk-off session on Tuesday on renewed Middle East tensions and oil-price strength.