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Australian house prices slide, with Brisbane and Sydney hit hardest

Cotality data shows Brisbane prices fell 1.5% in September and every suburb recorded lower values versus June.

Reported · Written up by our desk · Residential

Housing prices in Australia are declining across most suburbs in the country’s biggest cities, according to new Cotality data released Thursday. The report said national median house prices have fallen 5.2% from their peak in March to where they were a year ago.

The slowdown is hitting Brisbane and Sydney more sharply, with Brisbane’s home prices down 1.5% in September and every Brisbane suburb recording lower prices compared with June. Cotality estimated the median Brisbane home was worth $1.05 million, down $59,000 since May.

Economists cited by the Guardian Economics said prices are on track to fall at least 10%, after the Reserve Bank lifted rates for the fourth time this year on Tuesday. The outlet said higher interest rates are reducing borrowing capacity and pushing more buyers out of the market.

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