Housing market downturn spreads across the country as property price slump deepens

Australia's housing downturn is spreading across the country, with previously resilient property markets that had recently set record-high prices now experiencing a decline in values.

The latest figures from property data firm Cotality show national property prices in July fell 0.7 per cent, making it the largest single monthly decline in value since December 2022.

The data shows the downturn is no longer confined to Sydney and Melbourne, with property prices in Brisbane and Adelaide falling by 0.6 per cent and 0.2 per cent respectively.

It is the second-consecutive month of declines for both cities after Cotality revised its data from June.

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