House prices fall across every Australian capital for first time in 15 years
All eight capital cities recorded house price declines in the September quarter, the first time in 15 years.
Australia's property market is shrinking across every capital city, a rare event. Weak buyer confidence and reduced lending capacity are driving this.
Perth saw the sharpest drop at 4.7 per cent. Brisbane and Adelaide posted their steepest quarterly falls on record.
Melbourne slumped 3.3 per cent and risks dropping below the $1 million median. Sydney fell 4.7 per cent to $1.66 million, the lowest in two years.
Higher interest rates, cost-of-living pressures, and changes to investment property tax rules are driving the declines. Reduced borrowing capacity is stifling sales: one buyer's loan offer dropped $100,000 after September's rate rise.
Domain's chief economist said confidence may not return until interest rate cuts appear on the horizon, likely late 2027.
- 15 years
- Years since all capitals fell together
- $1.66 million
- Sydney median house price
- $1.014 million
- Melbourne median house price
- 4.7 per cent
- Perth price drop
Why it mattersProperty buyers face a rare seller's market with negotiating power; prospective purchasers see prices falling further before stabilising.
AustraliaAll Australian homebuyers and investors affected as prices fall nationwide; affordability changes rapidly across every major city.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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