{
  "id": 47766,
  "title": "Housing market seeing 'rapid deterioration' as property downturn deepens",
  "url": "https://urgent.news/2026/08/02/housing-market-seeing-rapid-deterioration-as-property-downturn-deepens",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-02T14:01:13.000Z",
  "source": {
    "name": "ABC News AU",
    "slug": "abc-news-au",
    "url": "https://www.abc.net.au/news/2026-08-03/housing-market-downturn-spreads-property-prices-cotality/106975270"
  },
  "original_language": "en",
  "account": "The Australian housing market is experiencing a swift decline, with property prices falling across the country. Brisbane and Adelaide have seen significant drops in July, with Brisbane prices down by 0.6% and Adelaide by 0.2%. This marks the second consecutive month of declines in both cities, following a record-high price trend earlier this year. The downturn is not confined to these two cities, with property prices in Sydney and Melbourne also declining in July. The latest data from property firm Cotality shows a national drop of 0.7% in property prices, the largest single monthly decline since December 2022.\n\nEconomists attribute the market's deterioration to three consecutive RBA interest rate hikes and government tax changes. These factors are affecting mortgage borrowing and have caused hesitancy among vendors to sell their properties at current prices. Despite these challenges, first home buyers may find more favorable conditions as the market softens. Cotality's head of research, Gerard Burg, notes that while property values will likely continue to decrease, vendors may start to pull back from the market as they become more hesitant to lose money on a sale.\n\nThe weakening economy is also contributing to the property market's struggles, with a 4.4% unemployment rate potentially escalating to recession levels. Alan Oster, a former chief economist for NAB, believes the main driver of the market's weakness is rising interest rates. He suggests that if rates continue to climb higher, it could lead to a market correction of 10 to 15% from the recent peak. However, Burg argues that factors such as low unemployment, continued population growth, and challenges in new construction will prevent a dramatic fall in property prices.",
  "summary": "Australia's housing downturn is spreading across the country, with the latest property price data showing previously resilient markets that had recently set record-high prices are now experiencing a decline in values.",
  "key_points": [
    "Australian housing market experiencing rapid decline",
    "Brisbane and Adelaide see 0.6% and 0.2% price drops in July",
    "Market deterioration attributed to interest rate hikes and tax changes"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}