Economics
Australia House Prices Face ‘Significant’ Risk as Aid Expires
- Capital city property values drop 0.8% led by Melbourne, Perth
- Wage subsidies, mortgage holidays set to end in coming months
Homes stand in the Bella Vista suburb of Sydney, Australia, on June 3.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Australia house prices fell the most in 16 months in June, and face “significant” downside risk as mortgage holidays and government wage subsidies expire in coming months.
Property values in major cities fell 0.8% last month, the steepest decline since February 2019, according to CoreLogic Inc. data released Wednesday. The slide was led by Perth and Melbourne, which is at the center of a new spike in coronavirus cases that has prompted the government to lock down parts of the city.