Australian residential property values have recorded their sharpest monthly decline in three-and-a-half years, signaling a deepening downturn in the nation's housing market.
The acceleration in price falls marks a decisive turn for a sector that had previously been buoyed by a record housing boom, with major capital cities now posting steep annual declines in dwelling values.
Data from property analytics firm Cotality indicates that the decline is broad-based, with Sydney home prices falling 13% year-on-year.
The downturn is being driven by a convergence of macroeconomic headwinds.
Higher interest rates have increased borrowing costs for homeowners, while persistent cost-of-living pressures are squeezing household budgets.
Compounding these factors are recent changes to property taxes introduced in the May federal budget, which are further weighing on market sentiment and transaction volumes.
Data from property analytics firm Cotality indicates that the decline is broad-based, with Sydney home prices falling 13% year-on-year.