Reported 3 days ago
In December 2024, Australian house prices fell for the first time in 22 months, primarily due to buyers being priced out of the market amidst rising property supply. The Home Value Index for major cities recorded a 0.2% decrease, with Melbourne and Sydney experiencing the largest declines. This drop highlights ongoing affordability concerns exacerbated by high interest rates and a housing crisis in some areas, particularly Sydney, where average home prices are unaffordable for many. Experts suggest that demand may continue shifting toward lower-priced markets as buyer capacity diminishes.
Source: YAHOO