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.

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.