Australia's Housing Market Faces Continued Decline Amid Economic Pressures
Australia's housing market experienced a further decline in July, with national home prices falling by 0.7% from June, marking the largest monthly drop since December 2022. Sydney led the decline among major cities with a 1.4% decrease. The downturn is attributed to higher interest rates and tax changes affecting demand. In New Zealand, the housing market remains weak after years of falling prices. The report from Bloomberg highlights a softer housing backdrop in both Australia and New Zealand, indicating a slowdown in market momentum across the region. 
