Australian Housing Market Faces Downturn Amid Middle East Conflict and Tax Changes
House prices in Australia have declined in cities like Brisbane, Adelaide, and Perth, marking a significant downturn in the housing market. New data shows a national median home price drop of about $19,000 since March. The decline is attributed to the Reserve Bank of Australia's interest rate hikes and the impact of the US-Iran conflict. Additionally, changes in property investors' tax concessions from the May federal budget have further reduced housing demand. The Reserve Bank reports a decrease in home loan applications and a slight increase in auction clearance rates, indicating market adjustments. 
