Home prices are falling for the first time in more than three years. Is Labor's housing policy starting to work? And if prices come down, who wins and who loses? 

We unpack what's really driving the market, whether the budget's tax changes will make it easier to buy a home, what they mean for renters, and why Australia's housing affordability crisis can't be explained by immigration alone. 

Guests:

Matthew Bowes, Senior Associate, Grattan Institute

Maria Yanotti, Senior Lecturer in Economics, University of Tasmania

Referred to:

Housing market downturn deepens as demand headwinds build, Cotality, July 1, 2026

The housing crisis that Australia built, Brendan Coates, Grattan Institute, March 11, 2026

More homes, better cities: Letting more people live where they want, Brendan Coates, Joey Moloney, Matthew Bowes, Grattan Institute, November 5, 2025

Housing submarket spillovers and COVID-19: the increasing influence of Australia’s regional cities, María Yanotti et al, December 31, 2025

Housing Q&A, Diana Mousina, AMP, June 18, 2026

Statement 4: Tax reform for workers, businesses and future generations, Commonwealth Budget, May 2026