Australia’s housing market just took a sharp turn, with prices plummeting 0.7% in July—the biggest monthly drop since last December—and the chill is spreading beyond Sydney and Melbourne to Brisbane and Adelaide. Driven by the Reserve Bank’s recent rate hikes and new government taxes, borrowing has become tougher, squeezing buyers and pushing sellers to wait for better conditions. While some see this as a silver lining—especially first-time buyers stepping in—experts warn that if rates keep climbing and unemployment rises, prices could fall another 10-15%. Still, low unemployment, steady population growth, and rising construction costs may slow the slide, keeping a major crash at bay for now.
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