Australia Home Values Fall 0.4% in June, Marking Biggest Monthly Drop Since 2022
Updated
Updated · ABC News · Jun 30
Australia Home Values Fall 0.4% in June, Marking Biggest Monthly Drop Since 2022
3 articles · Updated · ABC News · Jun 30
Summary
Cotality said national dwelling values fell 0.4% in June and 0.7% over the quarter, with revised data showing the market likely peaked in March.
Sydney and Melbourne led the downturn, dropping 1.2% and 1.0%, while Brisbane and Perth still rose more slowly and Adelaide was flat, signaling the slowdown has spread nationwide.
Three RBA rate hikes, weaker sentiment, higher energy costs linked to Middle East conflict and federal housing tax changes combined to curb demand, according to Cotality and Westpac.
Westpac said investment loan applications have already fallen about 20% as investors assess the new tax rules, though grandfathering provisions may limit forced selling.
Developers say the policy shift toward new construction is not yet visible in lending data, while 20% to 30% rises in building costs and planning delays are further weighing on supply.