US-Iran ceasefire crumbles; Most want house prices to drop

A growing majority of Australians want house prices to fall by more than 20 per cent in some cases, a new poll has found, with controversial measures in the federal budget gaining more support among voters.

An exclusive Resolve Political Monitor poll found that 61 per cent of people support a reduction in property prices, with majorities of all ages, political and income groups agreeing that prices are too high.

Support for the decline increased by seven points from the 54 percent recorded in June. While the opposition rate decreased from 11 percent to 9 percent, the rate of those who were undecided or neutral decreased from 35 percent to 29 percent.

The government has been accused of deliberately trying to undermine the property market with negative gearing and capital gains tax concessions in the May budget. Chancellor of the Exchequer Jim Chalmers and Prime Minister Anthony Albanese argued that the changes would slow the pace of house price growth rather than reduce values.

Read the full story here.