Australia’s housing market is now experiencing a nationwide downturn, with previously resilient cities such as Brisbane and Adelaide joining Sydney and Melbourne in recording falling property values.
New data from property analytics firm Cotality shows national housing prices dropped 0.7% in July the sharpest monthly fall since December 2022. The decline is no longer concentrated in the two largest capitals: Brisbane prices fell 0.6%, while Adelaide recorded a 0.2% drop. Both cities have now posted two consecutive months of falling values after revised June figures.
Cotality’s head of research Gerard Burg said the speed of deterioration in Brisbane has been the most striking trend. “There’s been a really rapid deterioration in conditions in Brisbane,” he said, noting the shift has surprised analysts.
For first‑home buyers, the cooling market is offering a rare window of opportunity. Melbourne real estate agent Shahid Khan said buyer confidence has begun to return. “What we have seen lately in the last few weeks the buyers are there, limited buyers,” he said, suggesting fewer competitors and more cautious bidding.
But Burg warned that as prices continue to soften, vendors may start withdrawing properties from the market to avoid selling at a loss. “When vendors look out at the market, they are seeing these challenging conditions and they’re probably thinking that they’ve missed the opportunity to sell at the market peak,” he said.
Australia’s housing slowdown now appears broad‑based, with momentum shifting decisively away from the record‑high prices seen earlier in the year.
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