Housing prices plunge across major cities
Australian housing prices experienced their largest monthly decline since December 2022, with Melbourne falling 0.5% and Sydney dropping 0.5% in June alone. Melbourne recorded a 2.6% decrease and Sydney a 3.6% decrease across the second quarter of 2024, with clearance rates reaching lows not seen since the COVID-19 pandemic. The federal government faces a challenging balance between making housing more affordable for first home buyers while protecting existing homeowners and mortgage holders from declining property values.See omnystudio.com/listener for privacy information.
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