Housing downturn deepens as Sydney leads national retreat
Sydney's sharp decline is now being echoed across the country as Australia's housing correction gathers pace.
Sydney is leading Australia's latest housing downturn, but weakening conditions are now emerging across much of the country as buyers gain bargaining power and sellers adjust to a softer market. (Image source: Ausdrones by WilljH/Shutterstock.com)
Australia’s housing market has entered a new phase of its correction, with price declines spreading well beyond Sydney and Melbourne and reaching markets that only months ago appeared almost untouchable.
Fresh figures from both Cotality and PropTrack show July delivered the weakest monthly performance in more than three years, suggesting the downturn is broadening rather than simply deepening.
Cotality’s national Home Value Index fell 0.7 per c…
