Australia on cusp of housing downturn as demand softens

Australian housing market is entering a downturn as rising interest rates soften demand, property analysts at Cotality warned. Sydney and Melbourne are already five months into early decline phases, with capital city home values up just 0.2 percent in April. Experts say a significant price correction would likely coincide with major economic downturn and rising unemployment.

Summary by Glance · ABC News – Australia