More than four in five suburbs lost value after the May budget, yet Melbourne looks closest to a floor. The spread of the fall tells a different story to the average.
The Budget has pulled Australia's housing markets apart, with some cities sliding while others quietly find a floor. The reasons run deeper than interest rates.
Rents are up 67 per cent in five years while Perth house prices soften. Cheaper homes have not produced more rentals, and the reasons sit on the supply side.