Australia's long decline in home prices continued in April amid lackluster ...
SYDNEY - Australia’s long decline in home prices continued in April amid lackluster demand and tight credit, though the pace of losses eased as auction clearance rates stabilized in the major cities.
It is also a sore spot for the Liberal National government as it fights a close election campaign ahead of a vote on May 18. The opposition Labor Party has vowed to remove some tax breaks for property investors, arguing they put home occupiers at a disadvantage. Values nationally were down 7.2 percent on the year. In the major capital cities, prices fell 0.5 percent on the month and 8.4 percent for the year.
Values nationally have fallen 7.9 percent from their peak in October 2017, though they are still more than 15 percent higher than five years ago.
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