Capital city property values fall 4.7% in steepest quarterly drop on record
House prices fell 4.7% across all Australian capital cities in the September quarter, marking the steepest quarterly decline ever recorded.
For the first time in 15 years, house prices fell in every capital city during the September quarter. The 4.7% fall is the steepest quarterly decline on record.
Perth was hit hardest, dropping 7.4%. Sydney and Melbourne fell 4.7% and 3.3%.
Combined capital city house prices fell to $1,226,566. Unit prices also dropped 3.5% for the second quarter in a row.
Australia's most expensive homes fell the most. Lower-value properties stayed relatively stable.
Rising interest rates and lower buyer confidence are driving the downturn. Homes are taking longer to sell.
Buyers now have more power to negotiate prices.
- 4.7%
- Quarterly price fall
- 7.4%
- Perth decline
- $1,226,566
- Capital city median price
- 3.5%
- Unit price decline
Why it mattersThe shift signals a major change in the property market from a seller's advantage to a buyer's advantage, affecting millions of property owners and those considering purchase.
AustraliaHome owners across Australia are seeing the value of their properties decline; first-time buyers now face a more affordable market but uncertain outlook.
✓ Claims checked against the source. checked 2 h ago
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