Exclusive: Economists say falling house prices are largely in the more expensive parts of Sydney and Melbourne’s markets and are less likely to affect first-time property owners

Fears that first-time buyers with tiny deposits will find their mortgages are worth more than their homes may be assuaged by new data showing falling prices are concentrated in the top end of the Sydney and Melbourne property markets.

Climbing inflation, interest rates and worries about the economic fallout from the Middle East conflict have helped depress housing values in the country’s two biggest cities.

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© Photograph: Joel Carrett/AAP

© Photograph: Joel Carrett/AAP

© Photograph: Joel Carrett/AAP

The Trump administration cited misspending among the reasons for blocking funds to the Los Angeles Homeless Services Authority. Mayor Karen Bass warned that “people will lose their lives.”

© Kenny Holston/The New York Times