A decline in the Australian real estate market lasts for a year

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In the real estate market in Australia, a decline has been observed for a year already, Bloomberg writes. In September, property prices fell by 0.5%. In this case, half of all sales of homes in Australia in terms of money accounted for Sydney and Melbourne. Last month, sales decreased by 6.1% in Sydney, and by 3.4% in Melbourne. The fall in the value of homes for 12 consecutive months is due to the tightening of credit rules, weakening wage growth amid rising supply. The peak of real estate prices in the country was noted in September 2017. Compared to it, prices in September of this year dropped by 2.7%.

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