Sydney’s property market is cooling fast, with home values down 0.9% in May as rising interest rates and looming tax changes make buyers ultra-cautious—some slashing budgets by 15% and homes lingering on the market longer. After a boom, the federal budget’s negative gearing and capital gains tax moves shook confidence, slashing open house turnout and auction clearance rates to levels last seen in 2020. Agents call it “whiplash,” warning of further rate hikes that could crush commission income and threaten some offices’ survival. Yet experts say no full crash is expected—Sydney’s historically resilient prices may just flatten, with slower but steady transactions. This local shift signals a broader national slowdown, possibly just the start of a deeper housing downturn across Australia.
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