Australia's Property Market Hits Fifth Straight Fall

Australia's property wealth machine has hit its fifth straight fall in national home values, which dropped by 0.9% in August.

This decline marks a significant downturn in the market, with Sydney being the weakest capital city, down 1.4% in August and 7.1% below its February peak.

The Reserve Bank of Australia is set to make a decision on interest rates on September 29, with market pricing suggesting a better-than-even chance of a rise from the current 4.35% cash rate target.

For households whose wealth is heavily concentrated in housing, falling prices and rising rates pose a significant challenge, as housing accounts for roughly a quarter of household expenditure.