Australian house prices fell a record 4.7% in the September quarter of 2026, according to Domain, with prices dropping in every capital city for the first time in 15 years and only the second time ever. Perth recorded the sharpest fall at 7.4%, while Sydney's median price dropped 4.7% to $1.66 million, a two-year low. Housing Minister Clare O'Neill called the downturn cyclical, but economists have largely pointed to the Reserve Bank's rate hikes to a 15-year high, as the government's tax changes do not take effect until July 2027. RBA deputy governor Andrew Hauser said there were “hard choices” ahead, and Domain's Nicola Powell said prices could keep falling for many months until an interest rate cut restores confidence. A Melbourne couple, Jessica Ongarello and Callum McIntyre, took advantage of the falling market, though Ms Ongarello said her bank's revised lending calculation left her loan offer $100,000 lower than the initial quote.
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Related tickers and likely impact
AUD/USD
▼ Likely negativeRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 0.70360 |
| Change that session | +0.24% |
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House prices fell across every Australian capital city in the September quarter of 2026, according to Domain, the first such decline in 15 years and only the second time on record. National house prices dropped a record 4.7 per cent, with Perth falling the most at 7.4 per cent, while Sydney's median fell 4.7 per cent to $1.66 million, a two-year low. Housing Minister Clare O'Neill described the fall as part of the market's cycle, while economists mostly attributed it to the Reserve Bank lifting the cash rate to its highest level in 15 years, since Labor's tax changes do not take effect until July 2027. Domain chief residential economist Nicola Powell said prices could keep falling for many months, as confidence will not recover until interest rates are cut, which she expects in the latter part of next year.
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