Falling prices are changing the balance between buyers and sellers – but the slowdown isn’t affecting every property equally.
Australia’s median property price fell 0.7% in July, the largest monthly decline since December 2022, according to Cotality.
Prices were down 1.9% over the July quarter.
But there’s an interesting divide underneath those headline numbers. By reviewing the below chart you can see that the downturn has gathered speed across Sydney, Melbourne and Canberra whilst cities such as Perth and Brisbane are showing early signs of softness
Buyers remain constrained by affordability, mortgage serviceability and cost-of-living pressures. Whilst the main impact appears to be a pause or lack of confidence with significant changes introduced by the Federal Budget, with many Aussies still trying to work out what those decisions mean for their finances.
