National Property Downturn Gathers Pace in July

The national Home Value Index by Cotality experienced a 0.7% drop in July, indicating a sharp acceleration in the property market downturn. This decline is now affecting mid-sized capital cities beyond Sydney and Melbourne.

A national slowdown suggests that even areas like Melbourne's western growth corridor may not be entirely immune to broader market pressures. Buyers might find increased negotiation power, while sellers may need to adjust price expectations.