House prices fall across all Australian capitals for first time in 15 years

Summarised from 2 outlets · Updated 21 Oct, 18:03 · Archive

House prices have fallen across every Australian capital city for the first time in 15 years, according to Domain's September Quarter 2026 House Price Report. The downturn has been driven by weakened buyer confidence and reduced borrowing capacity.

Melbourne house prices fell 3.3 per cent in the September quarter, their third consecutive quarterly decline and largest drop in four years. The median price remains marginally above $1 million at $1.014 million. Perth recorded the sharpest drop at a record 4.7 per cent, while Brisbane and Adelaide also posted their steepest quarterly falls on record.

Domain chief residential economist Nicola Powell said the downturn has broadened both geographically and across property types, with houses and units falling. 'Homes are taking longer to sell, there is greater scope to negotiate, and sellers are having to be more realistic about price expectations,' she said. Powell suggested Melbourne could close the year with a median house price below $1 million.

How it is being reported

• Home buyers gain foothold as downturn runs into springWeakened buyer confidence and reduced borrowing capacity have driven down house prices across every capital city for the first time in 15 years.Perth Now · 21 Oct, 17:35
• Home buyers gain foothold as downturn runs into springWeakened buyer confidence and reduced borrowing capacity have driven down house prices across every capital city for the first time in 15 years.The West Australian · 21 Oct, 17:35

In this story: Jessica Ongarello · Callum McIntyre · Nicola Powell · Domain · Melbourne · Perth · Brisbane · Adelaide

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