Three decades of home prices outpacing incomes could be over as Australia's housing market downturn widens. Australia's housing market downturn follows three Reserve Bank rate hikes so far in 2026. "It could also mean that cyclical downturns in property prices are deeper and upswings take longer for prices to reach new record highs. Deputy opposition leader Jane Hume said the housing tax changes were causing uncertainty in the market. Jim Chalmers says controversial tax changes will not stop property prices rising in the long term.