Australia home prices fall as Sydney, Melbourne lurch lower

SYDNEY : Australian home prices broke a 20-month winning streak in May as falls accelerated in Sydney and Melbourne amid rising interest rates and a cost-of-living crunch.Figures from property consultant CoreLogic out on Wednesday showed prices nationally slipped 0.1 per cent in May, dragged down by a 0.3

SYDNEY : Australian home prices broke a 20-month winning streak in May as falls accelerated in Sydney and Melbourne amid rising interest rates and a cost-of-living crunch.

Most other cities fared better with Brisbane rising 0.8 per cent in May, Adelaide 1.8 per cent and Perth 0.6 per cent. "Housing has been getting more unaffordable, households have become increasingly sensitive to higher interest rates as debt levels increased, savings have reduced and lending conditions have tightened," said CoreLogic's research director, Tim Lawless.

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