August 3, 2026 — 12:01am

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The national property market is in its deepest downturn since the Albanese government came to office as interest rates, high cost of living and the May budget’s changes to property taxes combine to wipe thousands of dollars off property values.

Figures released by Cotality today show dwelling values in the nation’s capitals dropped by 0.9 per cent through July, led by a steep fall in the value of houses in Sydney and Melbourne.

In Sydney, the median house value dropped 1.7 per cent last month to be down 5.9 per…

Read the full article at SMH.COM.AU