House prices falling in every Australian capital city for first time in 15 years
House prices have fallen across every capital city for the first time in 15 years, according to Domain's September quarter report. Sydney prices dropped 4.7 per cent to a median of $1.66 million, while Perth recorded the sharpest fall on record at 4.7 per cent. Domain's chief residential economist, Nicola Powell, said higher interest rates, cost-of-living pressures and tax changes were driving the decline, and that buyers with secure finances now have more opportunities. Powell said prices could keep falling for months, with confidence unlikely to recover before a possible interest rate cut later next year.