Australia’s housing market has officially entered a downturn for the first time in over three years, with prices falling across major cities—especially units—and buyer confidence waning amid higher interest rates and affordability pressures. While yearly growth remains positive, it’s the slowest in nine months, driven by a surge in listings and longer selling times. Sydney, Melbourne, and Canberra lead the declines, while Adelaide is the only city seeing price growth. Economists warn this is a cooling-off period, not a crash, as sellers hold off and prices remain far above pre-pandemic levels. Analysts even see this slowdown as potentially healthy, possibly paving the way for more sustainable, long-term affordability through years of flat prices.
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