Australia's steepest quarterly housing decline on record: capitals see up to $89,000 wiped off prices in 3 months
Australian capital cities have experienced their steepest quarterly housing price decline on record, with some markets losing up to $89,000 in value. This downturn marks the first time in 15 years that all major capitals have seen simultaneous price drops.
Why it matters
The synchronized decline suggests a significant shift in the Australian property market, driven by affordability constraints and changing economic sentiment.
Australia's housing downturn is being felt nationwide, with every capital city recording house price falls in the September quarter for just the second time on record, wiping as much as $89,000 from median values in some markets. Photo: Vaida Savickaite A A House Prices Australian house prices have registered their steepest decline on record, with up to $89,000 wiped off the median house price in some capital cities in just 90 days.
Australia’s typical multi-speed market, in which the capital cities are placed at different points in the property cycle, came to a grinding halt in September, with all capitals now trending downwards.
The Domain House Price Report for the September quarter revealed that median house prices fell in every capital city, marking the first time in 15 years – and only the second time on record – all capitals have recorded simultaneous declines.
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