Housing Market Slumps Amid Rate Hikes | Australia News

Home values nationwide took their steepest dive in nearly four years, with Sydney and Melbourne leading the decline—Sydney alone saw a 1.5% drop in June—as affordability hit its worst point since 1994. Rising interest rates, new property taxes, and soaring living costs are crushing buyer confidence. Parliament’s debating whether homeowners are now in negative equity, while the Treasurer defends the policies as leveling the housing playing field. Meanwhile, Perth and Brisbane buck the trend, with Perth surging over 23% year-on-year. Even amid the national slump, median prices in five capitals still top $1 million. The Reserve Bank is watching closely, holding rates steady for now, wary of a price crash that could drag down the economy. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/e6a070be49ec389e