Australia's housing downturn deepens as prices see 'rapid deterioration'
Australia's housing downturn is spreading nationwide, with new property price data showing previously resilient markets now experiencing marked declines. The figures point to a broadening slowdown across the country.
The decline in Australian property prices is spreading to regions that had previously proven resilient, deepening the broader downturn. Newly released figures show the pace of decline has accelerated markedly in some markets.
Data from property analytics providers shows that high interest rates and weakening buyer confidence continue to weigh on the market. Experts say the slowdown has now spread beyond major cities into regional markets once seen as stable.
Economists say the pace of any recovery will hinge on the central bank's future interest rate decisions. Weakness in the housing sector could also have knock-on effects on broader consumer spending, they add.
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