Brisbane and Sydney hit hardest by falling house prices as 5.2% shaved from Australian property values

Housing prices are declining across almost every suburb in Australia’s largest cities, with Brisbane experiencing a sharper drop than Sydney as the market slowdown intensifies. According to Cotality data released on Thursday, national property values have fallen 5.2% from their peak in March to where they were a year ago.

Economists predict that prices are on track to decrease by at least 10% following the Reserve Bank's fourth interest rate hike this year on Tuesday, which has pushed more buyers out of the market. In Brisbane, home prices fell 1.5% in September, with every suburb recording lower prices compared to June. The median home price in Brisbane is now $1.05 million, down $59,000 since May. This follows a significant 18% price surge over the previous year.

In Sydney, median values dropped 1.4% in the same month, marking an 8.6% decline from their record high in March, equivalent to a $112,000 decrease. Only four suburbs in Sydney have maintained stable prices recently. Meanwhile, Melbourne has seen prices decline by 7.2%, or $63,000, since November 2025.