Australian house prices fall for seventh consecutive month

Australian house prices fell for the seventh consecutive month in October as the downturn reached the fastest pace in 40 years, according to new data.



Property data firm Cotality said on Monday that the national median house price fell by 1.2 percent in October, taking the downturn into a seventh consecutive month.



It said that the national price has declined by 6.7 percent from its March peak, wiping about 44,565 U.S. dollars in value off the median Australian dwelling.



The pace of decline in national home values is now tracking at the fastest pace over the last 40 years.



The monthly fall was driven by a 1.4 percent decline in the median capital city house price, accelerating from a 1.2 percent fall in September. 0



Brisbane overtook Sydney as the capital with the fastest pace of decline, recording a 2.0 percent drop in median house prices in October.