Australian home values fall for seventh consecutive month
Economy · First reported 1 Nov, 13:01 · Updated 13:31
Australian home values continued to decline in October, with Cotality reporting that the fall since March was moving faster than in previous downturns over the past 40 years. The coverage also points to weaker buyer demand and uncertainty about when interest rates might change.
- Cotality’s national Home Value Index fell 1.2% in October, leaving home values 6.7% below their March peak, or about $63,400 lower for the median dwelling.
- Cotality reported that capital-city values had fallen 8.1% in seven months, while home sales over the past three months were 23% lower than a year earlier.
- The report described buyers as cautious and said economists expected interest-rate cuts to remain some time away; one forecast put the possibility of rate-cut discussion in the latter part of 2027.
Summary written by Lux AI from 2 articles
Key facts
- October national index change
- Down 1.2%
- Change since March peak
- Down 6.7%, or about $63,400
- Median national dwelling value
- $884,855
- Capital-city value decline over seven months
- 8.1%
- Home sales versus a year earlier
- 23% lower over the past three months
- Reported median time on market
- 39 days
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