National News
House prices falling in every Australian capital city for first time in 15 years
House prices are falling across every capital city for the first time in 15 years and the second time on record, according to figures from Domain’s September Quarter 2026 House Price report.
House prices in Melbourne have fallen for the third consecutive quarter, slumping 3.3% in the September quarter, but remains in the million-dollar club, marginally, with a median price of $1.014m after experiencing its largest quarterly house price fall in four years.
“Geographically, the downturn has broadened, but also across property types with houses and units also falling,” Domain’s chief residential economist, Nicola Powell, said. Morgan Stanley economists agreed, predicting the market will bottom out in the second half of 2027. They expect the downturn to run as deep as 15% from peak to trough.