At its meeting today, the Board decided to leave the cash rate target unchanged at 4.35 per cent.

Cotality’s national Home Value Index held steady in May, signalling a further loss of momentum across most housing markets. Beneath the flat national result, Sydney and Melbourne are leading the downturn, with dwelling values declining 0.9% and 0.8% respectively over the month, and now sitting 2.1% and 2.9% below their cyclical peaks in November last year. The ACT also recorded a modest fall, with values down 0.2% in May.

Cotality’s national home value index increased by 0.3% in April, marking the slowest monthly rise since January 2025, immediately prior to last year’s rate‑cutting cycle. The national result was weighed down by Sydney and Melbourne, where values declined by 0.6% over the month. Sydney home values are now 1.0% below their November peak, while Melbourne values sit 1.9% under their November 2025 cyclical high and 2.3% below the March 2022 peak.