Australian home prices fell for a seventh month in a row in October.
National prices dropped 1.2% in October and now sit 6.7% below their March peak.
Capital-city values fell 8.1% in seven months, the steepest decline in four decades.
Brisbane fell 2.0% and Perth 1.7% in October after years of huge gains.
Sydney fell 1.6% in October. Values are now 1.5% below where they were five years ago.
The median Sydney home costs about $1,178,959, more than 10% below its February peak.
Buyers have more homes to choose from and more power, but most are staying away.
Property sales are down 23% from a year ago and sit 18% below the five-year average.
The Reserve Bank is expected to lift rates to 4.85% next Tuesday, an 18-year high.
Melbourne is falling more slowly, and its cheaper prices are drawing buyers back.
One Melbourne agent says some homes have fallen back to 2017 and 2018 prices.
Most economists see no rate cut until late 2027, so prices may keep sliding.
Get the full breakdown, key numbers, and what happens next.
Read on Rive News