Australia’s housing downturn continues to gather pace

Australia’s median house price fell 0.9 per cent last month as higher interest rates and tax changes flow through to the property market.

Property data from Cotality shows that prices have dropped in nearly every capital city, except for Darwin, with the biggest falls happening in the eastern capitals.

The latest figures show that Australia’s two biggest housing markets – Sydney and Melbourne – are now down around 7 per cent from their associated peaks.

But the country’s biggest mortgage lender is expecting prices to fall even further.

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