National Home Values Slide for Seventh Consecutive Month

The Australian property market has recorded its seventh straight month of price falls, with the national median dwelling value now sitting at $884,855. Data from Cotality indicates that national home prices dropped by 1.2 per cent in October, following a downwardly revised 1.3 per cent decline in September.

This current downturn is proving to be the most significant in four decades, with national values now sitting 6.7 per cent below their recent peak. The decline is being felt across the country, with mid-sized capital cities like Brisbane and Perth experiencing some of the sharpest drops during the month of October.

For sellers, the environment has become increasingly challenging. Sales volumes over the past three months are 23 per cent lower than they were a year ago, and 18 per cent below the five-year average. Properties are taking longer to sell, and capital city listings have reached their highest levels for this time of year since 2019.

Buyers are currently navigating a landscape defined by reduced purchasing power and high uncertainty. With the Reserve Bank of Australia expected to deliver another interest rate hike, many potential homeowners are choosing to delay their purchases or lower their budgets, further cooling demand across the major capitals.