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Cotality’s daily dwelling values index has declined by 2.9% from its peak at the 5-city aggregate level, with all major capitals recording falls.
As noted by CBA on Monday, “the housing market is under increasing pressure, with higher interest rates, tighter financing conditions, weak sentiment, and changes to housing tax policy all weighing on demand”.
Regional markets also lost momentum, with the combined regional index falling by 0.2% in July, its first monthly decline since January 2023.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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