Australian national housing prices have fallen by 5.2% from their peak in March to where they were a year ago, according to Cotality data released on Thursday. The slowdown is intensifying, with prices falling in almost every suburb across Australia's biggest cities.
Brisbane has been particularly affected, with home prices dropping 1.5% in September. The median Brisbane home is now valued at $1.05 million, a decrease of $59,000 since May. Sydney median values also saw a decline of 1.4% in September and are down 8.6% from their record high in March, representing a $112,000 drop.
Melbourne prices have fallen 7.2%, or $63,000, since November 2025. Economists suggest that prices are on track to fall at least 10% nationally, following the Reserve Bank's fourth interest rate hike this year.
The Reserve Bank of Australia (RBA) governor, Michele Bullock, stated on Tuesday that the central bank considered holding rates steady due to an unexpectedly weak housing market but ultimately decided to increase them. She also noted that falling prices would likely worsen housing supply by making new construction unprofitable.