Forget the doom and gloom, households are still spending

August 9, 2026 — 5:30am

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Australia’s twin urban giants – Sydney and Melbourne – are leading a broad-based downturn in house prices.

Nationally, dwelling values have fallen by 2 per cent since their peak in March, according to data published last week by property information firm Cotality. In both Sydney and Melbourne the decline has been a little over 5 per cent.

Rising interest rates triggered the slump. The Reserve Bank of Australia’s three rate hikes between February and May lifted its benchmark cash rate to 4.35 per cent, the equal…

Read the full article at SMH.COM.AU