Domain forecasts Sydney and Melbourne property prices will decline by as much as 8% in the coming year, signalling a cooling Australian housing market. Despite these anticipated drops, current homeowners are poised to benefit from record resale profits. The forecast suggests a shift in market dynamics after a period of significant growth. While prices are expected to fall, those selling are still likely to see substantial gains. This indicates a potential opportunity for buyers, but also a period of adjustment for the property sector. The overall outlook isn’t negative for owners, as record profits offset the price decreases.