Australia's home value declines

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Source: Bloomberg

Housing prices in Australian 8 main cities dropped 3.7% during period January-November 2011, creating the biggest fall in 12 years on anxiety European debt turmoil may harm the country's economic growth. Decline in home prices was led by Brisbane slipping 7% and Melbourne giving up 5.7%, said property researcher RP Data. Home loans increased by 5.7%, the slowest annual pace since 1977. 

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