Centre of downturn shifts away from Sydney and Melbourne, but after such strong growth most homeowners still sit on sizeable gains

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Australian home values have dropped for a seventh consecutive month, with prices in the capital cities now falling at the fastest pace in 40 years as rising mortgage rates scare off buyers.

Cotality data shows the centre of the downturn is also shifting away from Sydney and Melbourne toward the mid-sized state capital cities, with Brisbane and Perth leading October’s declines.