Australia's housing market slowdown costs economy A$6B annually

PEXA: PEXA is an Australian conveyancing technology platform that facilitates property settlements and related transactions. Its CEO has highlighted how the sharp decline in home sales volumes is reducing revenue for settlement services and adding pressure amid new compliance requirements. Jacob Caine: Jacob Caine is the president of the Real Estate Institute of Australia. He has warned of a potential large-scale departure of sales agents from the profession as the housing downturn reduces income and membership numbers decline. James Graham: James Graham is a senior lecturer at the University of Sydney specializing in housing economics. He has provided analysis on the methodology for estimating economic losses from reduced housing turnover and noted additional indirect effects like impacts on consumer confidence. Jim Chalmers: Jim Chalmers serves as Treasurer of Australia in the centre-left government. His office has overseen recent adjustments to property tax concessions aimed at cooling the housing market, though no comment was provided on the broader economic ripple effects. Zoran Solano: Zoran Solano is a buyers' agent operating in Australia. He has responded to halved revenue by ending his office lease and shifting to remote work, illustrating the widespread effects on ancillary real estate services. David Winning: David Winning is the founder of Your Move Conveyancing and a director of the Australian Institute of Conveyancers NSW Division. He has observed increased compliance burdens from new anti-money laundering rules coinciding with falling revenues, prompting industry discussions around mergers and exits. Harvey Norman: Harvey Norman is an Australian retailer specializing in homewares, furniture, and electrical goods through a franchise model. The company is directly impacted by the housing slowdown, with its franchise profits declining as reduced home sales and moves lead to lower demand for renovation and household purchases. Joanne Cauchi: Joanne Cauchi is a Sydney-based property stylist who oversees home staging and installations for real estate sales. Her business has experienced a sharp reduction in work volume as fewer properties change hands during the current market slowdown. Russell Cohen: Russell Cohen is the CEO of PEXA, the conveyancing technology platform. He has described the recent drop in Australian home sales as the most severe since the early COVID period, directly affecting the company's transaction-dependent revenue. Policy Changes: The Australian government has adjusted capital gains tax breaks for sellers and tightened negative-gearing rules for landlords to moderate housing demand following prior rate increases. Housing Turnover: Australia's housing market is experiencing a sharp decline in sales volumes even as prices remain relatively stable, with fewer properties changing hands driving economic impacts across related sectors. Industry Ripple Effects: Businesses dependent on home transactions, from conveyancers and agents to homewares retailers and service providers, face reduced income and operational adjustments such as staff reductions or business model changes.