PropTrack Home Price Index: Aus property prices fall for fourth month

Aussie home prices have fallen for the fourth month in a row, with the national market feeling the sting of interest rate hikes and huge federal budget changes. The latest PropTrack Home Price Index found Australia’s median dwelling price dropped 0.3 per cent in July, now at a median of $989,000. Capital cities took the biggest hit, with only Darwin managing to increase home values over the month. MORE: Named: Booming Aus suburbs defying ‘gloom’ Darwin was the only capital city to increase their median home price in July, rising 0.1 per cent while the rest of Australia dipped 0.3 per cent. Picture: Tourism NT/Shaana McNaught MORE:‘No longer’: Big Aus bank’s huge RBA call PropTrack senior economist Anne Flaherty said prices had been consistently declining due to a domino effect of interest rate hikes, the new federal budget and reduced competition. “The budget changes have been a factor,” she said. “It is pretty reasonable to assume we’ve seen an overall decrease in buyer demand from a decrease in investor demand.” The new federal budget put a dampener on Australia’s investor market, with changes to come next year that restrict negative gearing to new properties and limit Capital Ga...