Australian Housing Market Declines as Interest Rates Bite
Australia's housing market has experienced a downturn in recent months, with house prices falling across major markets. According to data from Cotality, prices have declined since May, leaving the national median home price at $928,000, about $19,000 below its March peak.
In Brisbane, the median price has dropped by approximately $8,000 since May to $1.1 million, matching its March level and ending a 40-month run of rising dwelling prices that began in February 2023.
Adelaide and Perth have each declined by about $4,000 from record highs reached in May, with median prices of $944,000 and $1.03 million respectively.
The market has slowed since February, when the Reserve Bank of Australia (RBA) began raising interest rates and the US war on Iran began, weakening demand further after the May federal budget reduced property investors' tax concessions.