House prices falling in every Australian capital city for first time in 15 years
Summary
House prices in every Australian capital city have fallen for the first time in 15 years, according to a recent report. Prices dropped due to higher interest rates, cost-of-living pressures, changes in tax rules, and weaker buyer confidence.Key Facts
- House prices in Sydney fell 4.7% in the September quarter, reaching a two-year low of $1.66 million.
- Melbourne house prices have dropped for three quarters in a row, falling 3.3% in the latest quarter to about $1.014 million.
- Perth experienced the largest price drop of 4.7%, with Brisbane and Adelaide also seeing their steepest quarterly falls on record.
- Both houses and units have seen falling prices, with homes taking longer to sell and more chance for buyers to negotiate.
- Higher interest rates and changes in housing tax rules have reduced people’s ability and confidence to buy homes.
- The market currently favors buyers, with more homes available for sale than in recent years.
- Experts expect prices to keep falling until interest rates drop, which might happen in late 2027.
- Morgan Stanley predicts the total drop in house prices could be as much as 15% from their highest point.
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