Australian home prices tumble as rate hikes and tax changes bite

Nikkei Asia reports that Australia's national median home price was about AU$899,000 in September, down 5.2% from its March peak, citing property data company Cotality. The outlet says rising interest rates and tax reforms aimed at curbing residential investment have weakened the market. Slower new-home construction could threaten the government's goal of supplying 1.2 million homes over the five years through 2029.