Australian Home Prices Fall 0.7% in July
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Australian home prices fell 0.7% in July from June, the largest monthly drop since December 2022, with annual growth slowing to 5.3% from earlier double-digit pace.
- Sydney and Melbourne led the monthly decline at -1.4% and -1.2% respectively, both now more than 5% below their recent peaks, while Perth's once-booming market was all but flat.
- Cotality head of research Gerard Burg noted the prior two months' prices were revised lower and flagged deteriorating new listings led by Sydney, where vendors are waiting out weak conditions.
- RBA Governor Michele Bullock raised the housing weakness repeatedly in an appearance this week, stoking speculation the central bank is done hiking rates after three increases this year.
- PropTrack separately reported prices fell 0.3% in July — the fourth straight monthly decline, with Sydney down 0.6% — and attributed softer buyer confidence partly to proposed tax curbs on investment properties.
Why it matters: A sustained fall in housing turnover would hit real estate services, construction, and trades tied to Australia's broader economy. With annual growth cooling from double-digits to 5.3% and RBA Governor Bullock raising the downturn repeatedly, speculation is growing that the three rate hikes this year are the last.
