Minister for Housing, Homelessness and Cities Clare O’Neil speaks during Question Time in Canberra, Australia, on Nov. 5, 2025. Hilary Wardhaugh/Getty ImagesHousing Minister Clare O’Neil has said Australia’s housing market is in a correction phase following the post-COVID-19 surge in house prices, amid low levels of buyer activity.“I think the housing market is cyclical in Australia. A very uncontroversial comment. We see periods of very significant house price growth, and then we see the market make a correction, and that’s what we’re seeing at the moment,” she told ABC Radio.
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