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Australia’s property downturn accelerated in July, with Cotality’s national Home Value Index (HVI) dropping 0.7% — the steepest monthly decline since December 2022. The weakness is no longer limited to Sydney and Melbourne, as mounting demand-side pressures pushed previously resilient mid-sized capitals into negative territory.
Cotality’s national Home Value Index (HVI) fell 0.4% in June, the largest monthly decline since December 2022, led by drops in Sydney (‑1.2%), Melbourne (‑1.0%) and the ACT (‑0.6%).
At its meeting today, the Board decided to leave the cash rate target unchanged at 4.35 per cent.
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