In brief
Australia’s housing market continues to slide, with the national median price falling 1.2% in October and a 6.7% decline from its March peak. Data from Cotality indicate the steepest fall in Brisbane and a spike in real‑estate headwinds as the Reserve Bank of Australia hikes rates to 4.6% and anticipates a further increase. Analysts cite higher borrowing costs, low confidence and reduced tax concessions as key drivers.
Australian house prices fell for the seventh consecutive month in October, according to data released by property‑data firm Cotality, as reported by Xinhua.
The firm said the national median price slipped 1.2% in October, wiping out 63,400 Australian dollars from the median dwelling and falling 6.7% from its March peak.
It described the pace of decline as the fastest in the last 40 years, driven by a 1.4% fall in the median price of capital‑city homes, up from 1.2% in September.
Brisbane recorded the sharpest drop, with median prices falling 2.0% in October, overtaking Sydney as the capital with the steepest decline.
On a quarterly basis, Cotality noted a 4.5% decline in median prices across all capitals.
Research director Tim Lawless attributed the downturn to a range of headwinds, including interest‑rate hikes, persistently low confidence, cost‑of‑living pressures and a government move to wind back tax concessions for property investors.
The Reserve Bank of Australia’s Monetary Policy Board raised the cash rate target to a 15‑year high of 4.6% at the end of September and is expected to consider a fifth rise to an 18‑year high of 4.85%.
