In August housing prices in Australia showed eleventh month of decline, Bloomberg reports. It seems that situation at the country's housing market will get worse by the peak of selling season.

Home values nationwide declined last month by 0,3%. According to data from CoreLogic Inc. released on Monday, such cities as Sydney and Melbourne are among leading losers. Prices in Sydney, which was an epicenter of property boom recently, lost 5,6% compared with last year.

Further growth of mortgage rates and increase in dept level among households will cause further worsening of situation at housing market of Australia, as report of CoreLogic points out.