Australia’s Housing Market in Freefall | Sydney News

House prices are plummeting across 90% of Australian suburbs as borrowing costs climb and the economy slows — signaling one of the biggest downturns in years. CBA forecasts Melbourne and Sydney could see 12-13% drops, while other cities face around 8%. Despite this, affordability remains a national crisis. The Reserve Bank is expected to hike rates again, prioritizing inflation control over housing — even as prices still sit far above pre-pandemic levels. Economists warn further rate hikes are likely as supply constraints and spending habits keep prices stubbornly high.

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