Home values fall as property downturn deepens

Australian home values fell by 0.7% in July 2024, marking the largest national decline since December 2022. High-value properties experienced the steepest losses, whilst lower-priced homes under $1.5 million gained 0.3%, driven by first homebuyer activity and investor demand in more affordable market segments. The downturn, now four months old nationally and longer in Sydney and Melbourne, is expected to continue through the rest of 2024 until interest rate cuts begin around mid-2025.See omnystudio.com/listener for privacy information.