Australia’s median property values dropped 1.2 per cent in October, to $721,018, a figure including both houses and apartments.
The rate of falls has eased in Sydney and in Melbourne but has “gathered momentum” in Brisbane, where home values are now falling the most rapidly of any capital city or rest-of-state region, according to Tim Lawless, the research director for property data and analytics firm CoreLogic.
Here’s a breakdown of Australia’s latest home price data for each capital city.
Change: 0.3 per cent decrease in October
Adelaide median house value: $706,154
Median unit value: $436,462
CoreLogic data shows Adelaide values recorded a COVID-19 “trough to peak” growth of 44.7 per cent.
Since peaking in July, values have dropped 0.6 per cent.
Change: 2 per cent drop in October
Brisbane median house value: $817,684
Median unit value: $494,785
Brisbane recorded the largest monthly decline, with home values now falling the most rapidly of any capital city or rest-of-state region.
Since peaking in June, values have dropped 6.2 per cent.
CoreLogic data shows house values are roughly $64,000 lower since moving through a peak.
In July, Brisbane edged into negative territory for the first time since August 2020.
Change: 1 per cent drop in October
Canberra median house value: $990,851
Media unit value: $608,653
Average change: 0.8 per cent drop
Darwin median house value: $588,053
Median unit value: $376,428
Change: 1.1 per cent decrease
Hobart median house value: $754,640
Median unit value: $556,100
Since peaking in May this year, Hobart values have recorded a 5.7 per cent drop.
Change: 0.8 per cent decrease in October.
Melbourne median house value: $924,492
Median unit value: $597,533
The rate of falls has eased over the past three months in Melbourne.
Melbourne values are down 6.4 per cent since February, after rising 17.3 per cent.
House values are roughly $76,000 lower since moving through a peak, according to the data.
Change: 0.2 per cent drop in October
Perth median house value: $584,232
Median unit value: $410,467
Dwelling values nudged 0.2 lower.
Looking at annual figures, Perth dwellings have recorded a 4 per cent increase.
Average change: 1.3 per cent decrease in October
Sydney median house value: $1,257,625
Median unit value: $783,406
Sydney home values are down 10.2 per cent since peaking in January.
CoreLogic figures show Sydney house values have fallen about $160,000 since moving through a peak.
Mr Lawless says the rate of falls has eased over the past two months across the nation’s most expensive capital city.
With interest rates going up, will house prices drop further?
On Tuesday, the Reserve Bank of Australia increased the cash rate by 0.25 of a percentage point.
That means the cash rate is now 2.85 per cent.
It is the seventh month in a row that the RBA has lifted its cash-rate target.
CoreLogic’s head of Australian research, Eliza Owen, said it was too early to say the worst of the home price falls were over, with rising interest rates and inflation running at annual rate of 7.3 per cent.
“I think it’s important to keep in mind that inflation is sticking around, and this has the potential to see further lifts in the cash rate,” she said.
“So, there is some risk that this downturn could really accelerate.”
CoreLogic said home prices were likely to keep falling until interest rates found a ceiling.