From Abc · · 1m 20s
House prices fall across all capitals for first time in 15 years
Australia's property markets have all declined together for the first time since 2011, with the steepest quarterly drop on record driven by rising rates and lower demand.
In brief
Australia's property markets have all declined together for the first time since 2011, with the steepest quarterly drop on record driven by rising rates and lower demand. House prices fell four point seven percent across all Australian capital cities in the September quarter, the first time in fifteen years, as rising…
Steepest drop on record
House prices fell four point seven percent across every Australian capital city in the September quarter, the first time in fifteen years, according to Domain.
Perth hit hardest, Sydney and Melbourne struggle
Perth recorded the sharpest decline at seven point four percent. Sydney and Melbourne, Australia's biggest markets, fell four point seven and three point three percent respectively, their largest quarterly drops in four years.
Power shifts to buyers
Nicola Powell, Domain's chief residential economist, said the downturn has broadened across cities. Homes take longer to sell, buyers have more room to negotiate, and sellers must be more realistic about prices.
“The balance of power has shifted towards buyers.”
Expensive homes falling fastest
Australia's most valuable homes are dropping the most in value, while lower-value homes remained relatively stable. Rising interest rates, lower affordability, and cost-of-living pressures have reduced demand across the market.
The headline
House prices fell four point seven percent across all Australian capital cities in the September quarter, the first time in fifteen years, as rising interest rates and cost-of-living pressures reduced demand.
