A three-bedroom property at 20 East Ave, Northfield, failed to sell at auction last week despite earlier valuations above its $900,000 price guide. Selling agent Andrew Simpson of OC Real Estate said few inquiries came in and developers now think the Northfield market has become too hot. He said the number of people attending open homes has dropped sharply and buyers are cautious about whether prices have bottomed. The house was extensively damaged by vandals and squatters, whom police had to evict. The property is now back on the market via private treaty at $900,000.
The Suburban Land Agency released more land than planned in 2025-26, but its income was $22.9 million below budget. Income reached $406.4 million, up from $237.3 million the previous year. Some mixed-use sites, including blocks in Molonglo, have struggled to sell. The agency blamed softer market conditions, higher interest rates and deferred settlements. It has budgeted for income of $434.3 million in 2026-27, with land releases expected to increase in coming years.
Only one in five Brisbane properties sold under the hammer over the weekend, according to Realestate.com.au data. The city's preliminary clearance rate was 22 per cent, down from 30 per cent a week earlier. Regional Queensland fell to 18.9 per cent. Realestate.com.au economist Luc Redman said clearance rates are likely to stay low until sellers lower price expectations or demand returns. A riverfront Newstead penthouse sold for $5.825m, the biggest Brisbane auction sale, while a Daisy Hill property sold for $2.3m.
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Regional South Australian house prices are still rising, even as Australia's housing market recorded its steepest quarterly drop on record. Domain data show prices outside Adelaide rose 19 per cent over the past year, with a median of $595,000. Every capital city has seen median house prices fall for the first time in 15 years. An economist expects regional areas to be the last to slow, and forecasts six to 12 months of further price falls before a long-term recovery. Real estate agents report enquiries have dropped sharply following a recent interest rate rise.
Typical home prices in 18 Melbourne suburbs have moved above the $950,000 cap for the federal first-home buyer scheme, according to new REA Group figures. The cap was lifted by $150,000 last October, but rising prices have pushed these suburbs beyond it again. Templestowe's median unit price now sits $31,500 above the limit. Industry figures say the scheme makes larger mortgages easier to access but does not necessarily make housing more affordable, while one builder reports packages starting at about $450,000.
A first home buyer paid $1,305,000 at auction for a two-bedroom apartment in Alexandria, $55,000 above the reserve. The converted warehouse apartment at 2/145 Belmont Street drew 30 people and five active bidders. Across Sydney, 561 properties were scheduled for auction this week. In Mosman, a five-bedroom home at 36 Medusa Street passed in at $9.85 million after only one registered party failed to bid. In Huntleys Cove, a downsizer paid $1.97 million for a ground floor apartment, $20,000 above reserve.
Darwin is recording the strongest property market in the country, with house prices rising while other capital cities slump, according to Cotality. Cotality head of research Gerard Burg said limited supply and years of slow building have supported prices, and the number of buyers has fallen as more owners list their homes. Burg warned that a possible interest rate rise in November could bring Darwin into the wider national downturn. Darwin also remains expensive for renters, with median rents up about 11.6 per cent over the year to September and a vacancy rate of about 1.9 per cent.
A new McGrath Report has named Sunshine, Werribee, Reservoir, Boronia and Highett as Melbourne suburbs likely to perform strongly in 2027. McGrath Estate Agents founder John McGrath said Sunshine's days as a secret are numbered. Sunshine is set to become a major stop on the Melbourne Airport Rail Link, with station works underway. Local agents expect the project to lift demand and prices. Buyers' advocates say Sunshine, Werribee, Boronia and Reservoir offer affordable entry points for first-home buyers.
Real estate figure John McGrath says the big city property markets are close to the bottom after a sharp fall in values. In his McGrath Report 2027, he names 40 suburbs he expects to grow over the year ahead across New South Wales, Victoria, Queensland and Tasmania. Picks include Campsie, Narooma, Sunshine, Mildura, Beenleigh, Maryborough, Chigwell and Mayfield. McGrath says most big metropolitan markets are down 10 to 15 per cent over the past six months, with some down 20 per cent.
Sydney property values have fallen for seven straight months, but property entrepreneur John McGrath says the market is nearing the end of its slide. In the annual McGrath Report, he said past corrections saw markets gain an average of 32 per cent in the three years that followed. Mr McGrath named Campsie as the top up-and-coming suburb in New South Wales, with Sandringham, Roseville Chase, Glebe and Wamberal also on his list. Trent Tarbey, of the McGrath Brighton-Le-Sands office, said blue chip suburbs such as Sandringham have been less affected because supply is scarce.
Median house prices of $3m could become normal in parts of Western Sydney within the next decade if recent trends continue, according to modelling by realestate.com.au. Prices across Sydney have fallen for about seven months and are expected to drop further before bottoming out in the second half of 2027. Morgan Stanley has tipped a 10-15 per cent peak-to-trough fall by then. Once the market turns, growth could return to near its 20-year average.
Median house prices in regional New South Wales are still higher than a year ago, despite slipping 1.2 per cent to $820,000 in the September quarter. Dungog recorded a 26.9 per cent annual rise, while Inverell and Broken Hill also climbed sharply. Investors seeking cheaper homes have driven some of the growth, but their buying has slowed after recent federal budget changes to investor taxes and high mortgage costs. Local agents in Dungog and Inverell say demand has eased recently, although buyers continue to arrive from the city.
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.
Loan lodgements in South Australia have fallen 25 per cent since January, before the rate rise cycle began, according to Loan Market's October loan trends report. The biggest drop was among investors, down 39 per cent, while owner-occupier upgraders fell 25 per cent and first-home buyers dropped 10 per cent. Loan Market credit expert Shay Waraker said buyers may be waiting to see whether prices fall further. Refinancing has risen to a record 57 per cent nationwide in September.
Sydney's median house price fell 4.7 per cent over the three months to September, to $1,661,167, the steepest quarterly fall in four years, according to Domain. Unit prices also dropped, by 3 per cent to $820,890. Domain economist Nicola Powell said the downturn has spread across regions and property types and is expected to continue. Higher interest rates, cost-of-living pressures and weaker auction results have shifted negotiating power towards buyers. The Central Coast was the only Sydney region where house prices rose over the year.
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Brisbane house prices fell 5.4 per cent in the September quarter, a drop of about $66,000 in three months, according to the latest Domain House Price Report. The typical house now sells for $1.15 million. The fall ended a 14-quarter growth run, which analysts linked to interest rate rises, stretched affordability and investors leaving the market. Only Perth recorded a larger fall. Domain's chief residential economist Dr Nicola Powell said prices are expected to fall again. Some pockets, including parts of the Redcliffe and Mount Gravatt areas, saw units rise slightly.
