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Australian home prices fall 5.2% from March peak as rate pressure mounts

Cotality data shows median Brisbane homes fell 1.5% in September, with every suburb recording lower prices than June.

Reported · Written up by our desk · Residential

Housing prices are falling across Australia’s capital cities, with Cotality data showing national median prices dropped 5.2% from their March peak to the level seen a year ago.

Cotality said median house prices fell in September as higher interest rates reduced borrowing capacity, with prices dropping faster in Brisbane than in Sydney.

In Brisbane, home prices including houses and apartments fell 1.5% in September, and Cotality reported that every suburb in the city recorded lower prices compared with June.

Economists cited by the article said prices are on track to fall at least 10%, after the Reserve Bank lifted rates for the fourth time this year on Tuesday, pushing more buyers out of the market.

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