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House Prices in Freefall for Sixth Straight Month
Cotality said values fell 1.1% in September, and home sales were nearly 20% lower than a year earlier.
- Australia's national property values fell for the sixth straight month in September, plunging 1.1 per cent according to Cotality's Home Value Index and marking total losses of 5.2 per cent since the March peak.
- On Tuesday, the Reserve Bank lifted official interest rates by 0.25 per cent to a 15-year high of 4.6 per cent, while federal tax changes on capital gains and negative gearing further dampened buyer demand.
- Property values fell in 97 per cent of capital city suburbs over three months to September, with Brisbane recording the sharpest monthly decline at 1.5 per cent and Sydney down 1.4 per cent.
- National home sales are nearly 20 per cent lower than a year ago, threatening state government stamp duty revenues. Cotality research director Tim Lawless warned the sharp drop has wider implications for retail segments and the broader economy.
- Australia's housing downturn is on track to become the deepest of the past 40 years, with investors significantly less active and no rate cuts expected until at least late 2027, deepening downward pressure.
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15 Articles
15 Articles
Sydney Morning Herald+3 Reposted by 3 other sources
House prices slump extends to six months
Home values fell in every capital city except Darwin last month.
·North Sydney, Australia
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Coverage Details
Total News Sources15
Leaning Left4Leaning Right1Center3Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 38%
12%
Factuality
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