SYDNEY, Nov. 1 (Xinhua) -- Australia's house prices have recorded a sixth-month slump in a row, according to the latest data revealed by property analyst firm, Corelogic, on Tuesday.
Corelogic's national Home Value Index monthly report revealed that across the nation dwelling values fell by a further 1.2 percent in October from a month earlier, with every capital city and nearly every region recording a drop in housing values.
Among the capital cities, Brisbane in the state of Queensland saw the most pronounced fall of 2 percent, while the pace of falls continued to ease across Sydney and Melbourne.
In the regions, regional New South Wales (down 1.7 percent) and regional Victoria (down 1.4 percent) fell the most, although prices rose slightly in regional South Australia (up 0.1 percent).
Corelogic's Research Director Tim Lawless said it is probably still too early to claim the worst of the decline phase is over.
"Despite the easing in the pace of decline, with Australian borrowers facing the double whammy of further interest rate hikes along with persistently high and rising inflation, there is a genuine risk we could see the rate of decline re-accelerate as interest rates rise further and household balance sheets become more thinly stretched," he said.
Australia's central bank, the Reserve Bank of Australia, has increased rates six times from May to 2.6 percent. It is scheduled to unveil the monthly monetary decision on Tuesday with a further 0.25 percentage point increase widely expected.
The Corelogic's data also revealed that the prices of house continued to fall at a faster rate than the prices of unit across most regions.
"With borrowing capacity being hit hard as interest rates rise, it's likely more housing demand has been diverted towards more affordable sectors of the market," Lawless said. ■