SYDNEY, July 1 (Xinhua) -- Home values in Australia recorded their largest monthly fall since 2022 in June, according to data released on Wednesday.
The data from the Sydney-based Australian branch of global property data firm Cotality showed that the median value of all dwellings fell by 0.4 percent nationally in June, the sharpest monthly decline since December 2022.
Of the capital cities in Australia's eight states and territories, median home values in Sydney recorded the sharpest decline in June, falling by 1.2 percent on a monthly basis and by 3.2 percent over the second quarter of 2026.
In Melbourne, median dwelling values were down 1.0 percent in June and 2.6 percent on a quarterly basis.
Across all capitals, median home values fell by 1.3 percent through the quarter, but remained up 6.1 percent annually, while median values in regional areas grew by 1.1 percent over the quarter and 11 percent annually.
Gerard Burg, head of research at Cotality, told the Australian Broadcasting Corporation (ABC) that the downturn has been driven by the central bank's decision to raise interest rates three times between February and May, the impact of the Middle East conflict on energy prices and changes to tax concessions for property investors.
Speaking on ABC television, Prime Minister Anthony Albanese said that the Treasury is projecting that home values will continue to grow following the introduction of the tax reforms, but at a slower rate.
He said that the changes have given Australians more opportunities to buy their first homes without competing with investors. ■
