AKP Phnom Penh, 3 August, 2026--
Australian property prices recorded their biggest monthly fall in almost four years in July, according to new data released on Monday.
The figures from property data firm Cotality showed that the national median home price fell by 0.7 percent in July, driven by sharp falls in Sydney and Melbourne, marking the largest single-month decline since December 2022.
Cotality said that the median dwelling price in Sydney fell by 1.4 percent in July and by 1.2 percent in Melbourne. On an annual basis, the median price in Sydney fell by 2.0 percent in the year to July, while Melbourne recorded a 2.8 percent drop in the same period.
Across all of Australia's capital cities, median dwelling prices were down by 0.9 percent on a monthly basis compared to a 0.2 percent fall in regional areas.
Gerard Burg, head of research at Cotality, identified rising interest rates, higher fuel prices and "deeply pessimistic" consumer confidence as a result of the Middle East conflict and the federal government's move to wind back tax concessions for property investors as the factors driving the downturn.
"We have observed a deterioration in the flow of new listings across the country in recent weeks, led by Sydney, as potential vendors assess a weak market and choose to wait until conditions improve," he said.
Responding to the new data, Treasurer Jim Chalmers said that it is "not uncommon" to see prices fall following prolonged periods of growth.
"Housing is a long-term investment, and we continue to expect over the course of the coming years that prices will continue to rise, but more modestly than before," he told Australian Broadcasting Corporation (ABC) radio.

AKP-Xinhua