Australian dwelling values recorded a significant monthly contraction in June, marking a broader transition toward a national market decline.

澳洲住宅價值在 6 月記錄到顯著的月度縮減，標誌著全國市場正向下跌方向轉型。

The current downturn is characterized by a divergence in regional performance, primarily driven by the interplay between supply constraints and demand volatility. Data from Cotality and PropTrack indicate that Sydney and Melbourne have experienced the most acute depreciation, with Sydney values declining by 1.2 to 1.5 per cent in June. Conversely, markets in Perth and Brisbane maintained positive growth, although the rate of appreciation has decelerated. This disparity is attributed to the relative abundance of stock in larger capitals compared to the acute supply deficits persisting in medium-sized cities.

目前的低迷情況呈現出區域表現的差異，主要是由供應限制與需求波動之間的相互作用所驅動。根據 Cotality 與 PropTrack 的數據，悉尼與墨爾本的跌幅最為嚴重，悉尼的價值在 6 月下跌了 1.2% 至 1.5%。相反地，珀斯與布里斯本的市場維持正成長，儘管升值速度已放緩。這種差異歸因於大型城市的庫存相對充足，而中型城市仍持續面臨嚴重的供應短缺。

Several systemic headwinds have converged to suppress demand. The Reserve Bank of Australia's implementation of three interest rate hikes between February and May, coupled with escalating cost-of-living pressures and geopolitical instability affecting energy costs, has constrained buyer capacity. Furthermore, the Housing Industry Association reports that affordability has reached a historical nadir since 1994, with mortgage servicing requirements in Sydney and Brisbane necessitating approximately 2.1 times the average income.

數個系統性不利因素共同作用以壓抑需求。澳洲儲備銀行在 2 月至 5 月間實施了三次升息，加上生活成本壓力增加以及影響能源成本的地緣政治不穩定，限制了買家的能力。此外，房屋工業協會報告指出，負擔能力已達到 1994 年以來歷史最低點，在悉尼與布里斯本，房貸還款要求約為平均收入的 2.1 倍。

Institutional uncertainty has been exacerbated by federal budget modifications to negative gearing and capital gains tax. Westpac reports a 20 per cent reduction in investment loan applications, suggesting a strategic deferral of acquisitions by investors. While the government asserts these measures are intended to pivot investment toward new construction to augment supply, developers cite rising construction costs—increasing by 20 to 30 per cent annually—and protracted planning approvals as significant impediments to project feasibility.

聯邦預算對負扣稅（negative gearing）與資本利得稅的修改，加劇了機構的不確定性。西太平洋銀行（Westpac）報告投資貸款申請減少了 20%，顯示投資者正採取策略性地延後收購。儘管政府主張這些措施旨在將投資轉向新建築以增加供應，但開發商指出，每年增加 20% 至 30% 的建築成本以及冗長的規劃審批程序，是影響項目可行性的重大障礙。

The Australian housing market is currently experiencing a period of contraction and diminished affordability, with the severity of price corrections varying by metropolitan region.

澳洲住宅市場目前正經歷收縮與負擔能力下降的階段，而價格修正的嚴重程度在不同都會區之間有所差異。