Australia's housing downturn weighs on economy; higher rates and tax changes drag demand

Australia's once-booming housing market is seeing a rapid decline after a prolonged period of expansion. Increased interest rates and tax changes are driving property values down. The decrease in home sales is affecting consumer spending and construction efforts nationwide. Many families are delaying their purchases, expecting further price drops and coping with rising costs. This correction may be one of the most substantial downturns in Australia’s housing history.