Can A Housing Downturn Improve Australia’s Productivity?

We had more data this week, continuing to build out the picture of falling home prices, reaching more suburbs, and taking a deeper dive. For many this is shocking, after all, the belief in the one-way street of property price rises was deeply entrenched. But perhaps this is now changing. For example, the latest Westpac-Melbourne Institute consumer sentiment survey revealed that house price expectations continued to fall in June, reflecting the actual value declines recorded across the nation’s housing market. The latest survey was also the first time since March 2023 that fewer than half of consumers expect dwelling prices to […]