Australia’s Housing Slump Wipes $128 Billion Off Top Two Markets

AI Summary

Australia’s housing downturn has resulted in a A$185 billion ($128 billion) loss in value in the nation's top two markets this quarter. This decline is expected to negatively impact consumer spending through the wealth effect.

Australia’s housing downturn has wiped A$185 billion ($128 billion) off the value of the nation’s top two markets so far this quarter, a result that’s likely to weigh on the wealth effect that underpins consumer spending across the economy.