Prices of Australian properties are declining for the first time in 10 years.
What's the implication for Australian Dollar and Australian banks?
"Home and apartment prices in Melbourne are down 3.9% this year to A$485,000. In the Western Australian capital of Perth, prices are down 2.4% to A$461,000, according to RP Data-Rismark. Sydney has side-stepped some of the weakness, up 0.5% over the past 12 months, but still off 1.3% since the start of this year to A$515,000."
"Mortgages in which payments are 30 days or more late reached an all-time high in the first quarter of 1.8%, according to ratings firm Fitch Ratings. However, that level is still well below that of the U.S., with an 8.4% figure during the quarter ended in June"