PHOTO: The housing downturn has gathered momentum in July with the median dwelling value now $554,263.
AUSTRALIAN home values have had their biggest fall in seven years — a swing that’s sure to bolster the hopes of househunters across the country.
The latest CoreLogic Home Values Index, out this morning, found national dwelling values dropped by 0.6 per cent in the month, its biggest monthly fall since September 2011.
But don’t get your hopes up of a massive swing in prices, with experts predicting Australia will have a “mild downturn”.
The median dwelling value nationally has dropped to $554,263, while the combined capitals median home value was $650,165.
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