Australia Housing Slump Deepens: Capital City Median Falls Below $1M as Rate Hikes and Tax Changes Pile On

$990,394 — the new median price for a capital city home in Australia, tumbling below the psychologically crucial $1 million mark for the first time since October as buyers refuse to show up to a market they can't afford and don't trust.

Money Moves

• National home values fell 0.9% in August (Cotality), the fifth consecutive monthly decline, taking dwelling values 3.6% below the March peak — with winter alone wiping $40,000 off the median
• **Sydney...