Australia is currently facing a housing crisis due to high interest rates, a housing shortage, and a growing population. This crisis is particularly affecting major markets like Sydney and Melbourne.

Recent trends in Sydney show a decline in house prices, which has raised concerns about a potential prolonged downturn in these competitive markets. Homeowners are hopeful for a potential interest rate cut, as it could provide much-needed support amidst the ongoing challenges in the housing sector.

The Bloomberg Australia Podcast can be accessed on platforms such as Apple, Spotify, and YouTube for further insights. Additionally, Bloomberg offers a free Australia Briefing newsletter that delivers essential business, finance, and economic news to Australians from its global reporting team.