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Australian home prices are tumbling as tax-rule changes and interest-rate hikes bite, per Nikkei Asia [money#13].
The slide is the latest sign that elevated borrowing costs are squeezing asset markets: the euro has fallen to fresh lows against the US dollar and the British pound even as the ECB keeps raising rates [money#7].
In Australia, the one-two hit of new tax treatment and higher rates has turned the housing market down, with prices now falling [money#13].
The squeeze reaches beyond rich-world property markets: the IMF has urged support for poorer nations facing high inflation and spillovers from war [money#12].