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Australian Home Prices Suffer Sharpest Monthly Decline Since 2022 as Sydney Values Retreat

Bloomberg ·
Australian Home Prices Suffer Sharpest Monthly Decline Since 2022 as Sydney Values Retreat
  • The national home value index in Australia decreased by 0.4% in June, marking the most significant monthly drop since December 2022.
  • Sydney's property market led the national downturn with a 1.2% decline, while Melbourne fell 1.0% and Adelaide remained flat.
  • The housing slump is being driven by a combination of high interest rates, cost-of-living pressures, and declining affordability.

Quotes

“Sydney’s home-price declines accelerated in June, dragging down national values by the most in 3-1/2 years, reflecting a combination of affordability and cost-of-living pressures as well as higher interest rates.”— Bloomberg

Sources