Australian House Prices Decline as Rise in Borrowing Costs Weaken Demand

"The number of permits granted to build or renovate houses and apartments slid 3.5 percent from May, when they dropped a revised 6.3 percent, the Bureau of Statistics said in Sydney today. A separate index measuring the weighted average of prices for established houses in eight major cities declined 0.1 percent last quarter to the lowest level since 2009"