Current data indicates a marked divergence in residential property performance across North American and Australian markets, characterized by systemic downturns in Australia and resilience in the New York luxury sector.

目前的數據顯示，北美與澳洲市場的住宅物業表現出現明顯分歧，其特點在於澳洲的系統性下跌以及紐約豪華物業部門的韌性。

The Australian residential sector is currently experiencing a contraction precipitated by a confluence of macroeconomic headwinds. The implementation of three consecutive interest rate increases by the Reserve Bank, coupled with federal tax reforms targeting negative gearing for existing properties, has significantly attenuated demand. Data from Cotality and the Australian Bureau of Statistics reveal a pronounced decline in the upper quartile of the market, particularly within Sydney's eastern suburbs and Melbourne's south-east, where median values have regressed substantially. Furthermore, the efficacy of the government's 5% deposit scheme has diminished as first-home buyers exhibit increased risk aversion. While investor demand for existing dwellings has slumped—with Westpac reporting a decline in investor loan proportions toward a historical average of 33%—there is a discernible pivot toward new constructions, incentivized by maintained tax advantages for new builds.

澳洲住宅部門目前正因多項宏觀經濟不利因素的匯聚而經歷萎縮。澳洲儲備銀行連續三次調高利率，加上聯邦政府針對現有物業「負槓桿（negative gearing）」的稅務改革，顯著削弱了需求。來自 Cotality 和澳洲統計局的數據顯示，市場最高四分位數出現顯著下降，特別是在悉尼東郊和墨爾本東南區，其中位數價格大幅回落。此外，由於首購族對風險的規避心理增加，政府 5% 首付款計劃的成效已經降低。雖然投資者對現有住宅的需求大幅下滑——西太銀行（Westpac）報告投資者貸款比例下降至 33% 的歷史平均水平——但受新建築維持稅務優勢的激勵，市場明顯轉向新開發項目。

Conversely, the New York City luxury market has demonstrated significant inelasticity regarding the recently enacted 'pied-à-terre' tax on non-primary residences. Despite projections from the Real Estate Board of New York regarding potential wealth flight, transaction volumes for properties exceeding $4 million remained stable or increased in June. Market analysts attribute this resilience to substantial liquidity generated by recent initial public offerings and asset price appreciation. The scarcity of inventory, which Jonathan Miller of Miller Samuel notes is at its lowest level since 2004, continues to exert upward pressure on prices, effectively neutralizing the fiscal impact of the new surcharge for ultra-high-net-worth individuals.

相反地，紐約市豪華物業市場對於最近頒布的針對非主住所的「pied-à-terre」稅表現出顯著的缺乏彈性。儘管紐約房地產委員會預測可能會出現財富外流，但 6 月份 400 萬美元以上物業的成交量仍保持穩定或有所增加。市場分析師將此韌性歸功於近期首次公開募股（IPO）和資產價格上漲所產生的龐大流動性。Miller Samuel 的 Jonathan Miller 指出，庫存量處於 2004 年以來的最低水平，這種稀缺性持續對價格產生向上壓力，有效抵消了新附加稅對超高淨值人士的財政影響。

In the broader United States market, a cautious rapprochement between buyers and sellers is evident. Realtor.com reports the steepest annual decline in median asking prices since 2017, which, alongside a stabilization of the Federal Reserve's key rate, has facilitated a marginal increase in pending sales. Similarly, the Greater Toronto Area has observed a year-over-year increase in sales activity, despite a contraction in new listings and a decline in the average selling price. In Western Australia, the Perth market is characterized by a normalization of inventory levels, with the Real Estate Institute of Western Australia reporting a significant increase in active listings as the previous shortage subsides.

在更廣泛的美國市場中，買家與賣家之間表現出謹慎的趨同。Realtor.com 報告指出，中位開價出現 2017 年以來最劇烈的年度跌幅，這與聯準會基準利率的穩定共同促使待定銷售量略有增加。同樣地，多倫多大都會區的銷售活動同比有所增加，儘管新掛牌量萎縮且平均成交價下降。在西澳洲，珀斯市場的庫存水平趨於正常化，西澳洲房地產協會報告稱，隨著之前的短缺情況緩解，活躍掛牌量顯著增加。

Global real estate trends currently reflect a dichotomy between high-end asset resilience in New York and a broad-based correction in Australian urban centers driven by monetary tightening and fiscal policy shifts.

全球房地產趨勢目前反映出一種二分法：紐約高端資產展現韌性，而澳洲城市中心則受貨幣緊縮與財政政策轉向驅動而出現廣泛修正。