Arabic version: بريسبان وسيدني تتصدران تراجع أسعار المنازل في أستراليا

According to The Guardian, Australian housing values have fallen 5.2% from their March peak, returning to roughly the level recorded a year earlier. Cotality data released on Thursday showed price declines in almost every suburb across the country’s largest cities.

Brisbane recorded the sharpest monthly fall, with home prices down 1.5% in September. Every suburb in the Queensland capital registered lower prices than in June. The median Brisbane home was valued at $1.05m, a decline of $59,000 since May, after prices had risen 18% over the previous 12 months.

Sydney median values fell 1.4% during the month and were 8.6% below their March record high, equivalent to a $112,000 decline. Only four Sydney suburbs held steady in recent months. Melbourne prices were down 0.7% since March, while Darwin was the only city to record an increase, rising 0.4%.

Economists expect national prices to fall by at least 10% after the Reserve Bank raised interest rates for the fourth time this year. Canstar estimated the four rate increases cut $47,400 from the borrowing capacity of a person earning the average full-time annual wage of $108,650. AMP chief economist Shane Oliver said rate hikes, tax hikes and weak confidence were major drags, while distressed listings and rising unemployment could risk a deeper fall of about 15%.

Buyer’s agent Joe Trucchio said the usual spring market pickup had not materialised and that interest rates had become the main issue for hesitant purchasers. He said cheaper dwellings had attracted more attention as first-home buyers regained confidence. The Albanese government reported that more than 102,000 people had been supported through first-home loans under the 5% deposit scheme in the year since its expansion.