Australian home values fall $63,000 in seven months as rates bite
National median dwelling values fell 1.2% in October, extending the downturn to 6.7% since the March peak.
Home values across Australia have dropped sharply as rising interest rates and higher taxes squeeze demand. National median dwelling prices fell another 1.2 per cent in October, taking the total decline to 6.7 per cent since the market peaked in March.
Sydney's median house price is now $1,178,959, more than 10 per cent cheaper than its February peak and below where it stood five years ago. More than 63,000 has been lost from the median value in seven months.
The pain is spreading beyond Sydney. Perth and Brisbane home values are falling faster than other capitals, with Brisbane down 2 per cent in October alone.
Melbourne is holding up better and has started attracting residents from other cities. A Ray White agent in Melbourne said the declines are the biggest in his 28-year career, with some properties back to 2017 prices.
- $63,000 from median
- Seven-month value loss
- 1.2 per cent nationally
- October decline
- $1,178,959
- Sydney median price
- 6.7 per cent
- Total decline since peak
Why it mattersBorrowers face mounting costs as rates rise, while owner-occupiers buying now get better deals but are waiting for more falls or rate cuts to truly improve affordability.
AustraliaAustralians are watching their home equity shrink, while first-time buyers wait on the sidelines hoping for lower prices and cheaper rates before entering the market.
Corroborated byperthnow.com.au
✓ Claims checked against the source. checked 2 h ago
