Australia’s biggest property downturn since pandemic threatens economic growth

Australian home prices fell for a fifth month in August in the biggest downturn since the pandemic, and there is further pain ahead as stubborn inflation puts upward pressure on interest rates. Figures from property consultant Cotality released on Tuesday showed national home prices fell 0.9 per cent in August from July, when they dropped 1.2 per cent. Sydney ‌and Melbourne again led the monthly decline with falls of 1.4 per cent and 1.1 per cent, leaving prices down about 7 per cent from…