Australian home prices fell 0.9% in August for a fifth consecutive month, leaving national values 3.6% below their March peak but 2.7% above year-earlier levels. The correction has broadened sharply: 93% of capital-city suburbs recorded declines over the past three months, compared with 45.8% during autumn. Sydney remained the weakest major market, with values down 1.4% in August and 7.1% below their February peak, exceeding the 6.6% fall during the 2022-23 correction. Melbourne and Canberra each declined 1.1%, Brisbane fell 1.0%, and Adelaide and Perth slipped 0.8%. Regional values dropped 1.2% over the winter quarter and 0.4% in August. Cotality estimated quarterly home sales were 15.5% below a year earlier and 11.5% below the five-year average, while capital-city listings were 24% higher than a year earlier and 8% above their five-year average. The Reserve Bank of Australia has raised the cash rate three times this year to 4.35%, with futures fully pricing another increase after stronger-than-expected July inflation. Higher borrowing costs, reduced investor demand and weak buyer confidence are weighing on turnover and prices.