Sydney and Melbourne see sharpest falls in house prices | ABC NEWS

Australia's housing market experienced its largest monthly decline in three and a half years in June, with Sydney falling 1.2% and Melbourne 1%, while regional Australia and cities like Perth and Brisbane showed resilience due to lower housing supply and intense competition. This downturn resulted from a combination of factors including affordability challenges, three interest rate hikes by the Reserve Bank of Australia, collapsed consumer sentiment, and property tax reforms, with economists predicting continued softening but not a sharp correction due to low housing supply, tight labor markets, and population growth.