House prices fall in four capital cities as Sydney values drop nearly $50,000 this year
Summary
House prices are falling in four Australian capital cities, including Sydney and Melbourne, after a period of growth. Rising interest rates and tax changes have reduced demand, causing slower home sales and lower property values.Key Facts
- Sydney house prices have dropped by about $48,000 since January 2026.
- Melbourne prices fell 1% in June, reaching $7,000 below June 2025 levels.
- Adelaide's home prices started to decline in June after 15 months of growth.
- Interest rates have increased three times since February 2026, affecting buyers' borrowing costs.
- More than half of homes at auctions are not selling, with clearance rates below 50% since late May.
- Sales of homes priced under $1 million are still selling quickly, but expensive homes are harder to sell.
- Perth and Brisbane saw slower price growth in June after strong yearly increases.
- Experts expect prices to gradually drift lower rather than dropping sharply nationwide.
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