Australian Housing Market Posts First Quarterly Decline Since 2022
Australia's housing market has experienced its first quarterly decline since September 2022, according to new data from the Australian Bureau of Statistics (ABS).
The total value of residential dwellings fell by $34.1 billion, or 0.3%, to $12.7 trillion over the three months to June.
This decline was driven by weaker prices, particularly in New South Wales (NSW), where the mean dwelling price dropped by 2.4% or $32,700 over the quarter.
NSW remained Australia's most expensive housing market, with a mean dwelling price of $1,304,900, narrowly ahead of Queensland and Western Australia.
The Reserve Bank of Australia (RBA) has maintained its focus on inflation, despite the expected effect higher borrowing costs are having on property prices and broader housing activity.