Australian home prices fall for seventh month as major-city values drop 8.1% over seven months

Australian home prices fell for a seventh month in October, with national values down 1.2% and major-city values down 8.1% over seven months. Brisbane, Perth and Sydney all registered October declines, while property sales were down 23% from a year earlier. The figures preceded a November 3 Reserve Bank decision at which an increase to 4.85% was widely expected.