House prices fall across all Australian capitals for first time in 15 years
Australia's housing market fell 4.7% in the latest quarter, the steepest quarterly drop on record.
Australia's housing market fell 4.7% in the latest quarter, marking the steepest drop on record. For the first time in 15 years, every capital city saw prices decline.
Outside the capitals, the picture is mixed. Prices in regional Victoria, the Northern Territory, and South Australia continued rising.
South Australia's regional areas led the gains, with prices up 19% over the past year. Inquiries from buyers have fallen dramatically following the RBA's interest rate rise to a 15-year high.
Economists expect the market to fall further before recovering in the longer term.
- 4.7 percent
- Quarterly market fall
- 19 percent in past 12 months
- Regional SA annual growth
- 595,000 dollars
- Regional SA median price
- 15-year high
- Interest rate record
Why it mattersPrices are falling but rising interest rates still make new mortgages harder to service. Construction delays could worsen Sydney's housing shortage.
AustraliaAustralian homeowners face declining property values; first-time buyers struggle as mortgages become more expensive with rates at 15-year highs.
✓ Claims checked against the source and corrected before publish. checked 3 h ago
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