Australian home values record biggest monthly fall in two years

Australian home values have recorded their biggest monthly drop since December 2022, declining 0.4% nationally with Sydney, Melbourne and Canberra experiencing the largest falls. The housing market is entering the early phases of a downturn driven by multiple factors including three interest rate hikes, unaffordable housing, low consumer confidence and the recent federal budget. CoreLogic's research director notes this represents an unusual 'perfect storm' of downside factors affecting the market simultaneously, with investor demand expected to pull back significantly.See omnystudio.com/listener for privacy information.