National property values plunge as median home drops to $899,000
Home prices fell 1.1% in September, taking losses to 5.2% since March.
National property values plunged 1.1 per cent in September, taking total losses since the March peak to 5.2 per cent, according to data firm Cotality. The median dwelling value fell to $899,236, essentially back to where it sat 12 months earlier.
Brisbane has now overtaken Sydney as the city with the steepest monthly fall, down 1.5 per cent compared to Sydney's 1.4 per cent. Sydney home values are 8.6 per cent lower than their February peak.
Over the three months to the end of September, 97 per cent of capital city suburbs were down in value. Several market economists forecast property prices could fall between nine and 13 per cent from peak to trough.
There is a real risk the downturn could run even further if the Reserve Bank raises rates again.
- 5.2 per cent
- Total loss since March
- $899,236
- Median dwelling value
- 97 per cent
- Capital city suburbs down
- 9 to 13 per cent
- Forecast range peak to trough
Why it mattersHomeowners are watching years of gains wiped out; buyers face continued price falls as investors pull back from the market.
AustraliaThe decline affects most Australian households' biggest asset and shapes affordability for future buyers. Investors leaving the market may push rents up despite recent stabilisation, and the government's first home buyer support scheme is propping up demand.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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