The House Price Bubble Bursts: What This Means for Australia's Economy Australia's home values have taken a $34 billion tumble over three months, marking a significant shift from the stratospheric peak reached just a few years ago.
This decline is not surprising given the property market's recent trajectory. The most striking aspect of this decline is its concentration in certain states.
New South Wales and Victoria have been hit hardest, with values dropping by $92. 9 billion and $44. 3 billion respectively. The Australian Capital Territory has also seen significant falls, with a drop of $1.