Property prices are crashing—even in Sydney and Melbourne—while luxury homes like a $15M penthouse are selling for way less than before. The government’s new anti-money-laundering rules, effective July 1, are forcing agents, lawyers, and accountants to vet clients and report suspicious activity, ending the era of cash-only deals. Aimed at stopping criminals from using real estate as a money laundering tool, the crackdown could also free up homes for regular buyers. But economists say it won’t magically lower prices for average buyers—supply, demand, and interest rates still rule. The market is changing, and whether this will truly cool things down remains to be seen.
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