Bloomberg, citing Cotality data, reported that Australia’s housing-market decline deepened in July. Its separate Australia Briefing described housing markets on both sides of the Tasman as losing momentum.
National Australian home prices fell 0.7% in July from June, the largest monthly fall since December 2022. Sydney led the decline among major cities, with prices down 1.4%. June’s national decline was revised to 0.7% from May.
Higher interest rates and tax changes were weighing on demand in Australia, the report said.
In New Zealand, the briefing described the market as being at its weakest point in decades after years of falling prices.
The two markets are showing a softer backdrop in different ways: Australia has a measured July price decline, while New Zealand is described as remaining weak after years of falling prices. Together, those updates point to slower momentum across both countries.
References
Bloomberg — Australia’s Housing Market Worsens With Falls Getting Steeper / Bloomberg Australia Briefing — Housing Slump Deepens Across Australia and New Zealand
