Australia's Home Prices Extend Decline for Fifth Month Straight

Australia's housing downturn has deepened, with home prices extending their decline in August for the fifth consecutive month.

National home prices fell by 0.9 percent in August from July, according to data from property consultant Cotality.

Sydney and Melbourne led the monthly decline with falls of 1.4 percent and 1.1 percent respectively, while nearly all capital cities recorded a fall.

The Reserve Bank of Australia has raised interest rates three times this year to 4.35 percent, and markets are fully pricing in another hike after a hot inflation print for July.